Tax Law Improvement Act 1997 (121 of 1997)

Schedule 6   Depreciation

Part 3   Consequential amendment of the Income Tax Assessment Act 1936

101   Paragraph 160ZK(1)(a)

Repeal the paragraph, substitute:

(a) the amount of the consideration, the amount of the costs or the amount of the expenditure, as the case may be, reduced by any part of the consideration, of the costs or of the expenditure that:

(i) has been allowed or is allowable as a deduction to the taxpayer; or

(ii) would, but for section 61 of this Act, have been so allowable; or

(iii) would be taken into account under paragraph (b) of the definition of undeducted cost in section 42-175 of the Income Tax Assessment Act 1997; and