Income Tax (Consequential Amendments) Act 1997 (39 of 1997)

Schedule 1   Consequential amendments of the Income Tax Assessment Act 1936

156   Subsection 122JE(1)

Repeal the subsection, substitute:

(1) If, after 15 August 1989 and before the 1997-98 year of income, a taxpayer incurs allowable capital expenditure, an amount worked out in accordance with this section is an allowable deduction in respect of that expenditure in the year of income the expenditure was incurred and in all later years of income.

Note: Subdivision 330-C of the Income Tax Assessment Act 1997 gives a taxpayer a deduction for allowable capital expenditure incurred in the 1997-98 year of income or a later year of income.

(1A) A deduction is not allowable under subsection (1) for the 1997-98 year of income or any later year of income.

Note: Section 330-5 of the Income Tax (Transitional Provisions) Act 1997 converts the amount of unrecouped expenditure at the end of the 1996-97 year of income into allowable capital expenditure incurred by a taxpayer in the 1997-98 year of income.