Tax Law Improvement Act 1997 (121 of 1997)

Schedule 6   Depreciation

Part 3   Consequential amendment of the Income Tax Assessment Act 1936

69   After section 53G

Insert:

53I Application of depreciation provisions

(1) Sections 54 to 62AAV (inclusive) do not apply to the 1997-98 year of income or later years of income except to the extent they are applied under the Income Tax (Transitional Provisions) Act 1997.

Note: The provisions of Division 42 of the Income Tax Assessment Act 1997 apply instead.

(2) However, the provisions mentioned in subsection (1) continue to apply for the purposes of the operation of section 57AM for the 1997-98 year of income and later years of income.