A New Tax System (Tax Administration) Act (No. 2) 2000 (91 of 2000)

Schedule 4A   Income tax deductions for GST-related expenditure

Income Tax Assessment Act 1997

16   At the end of section 42-170

Add:

Special reduction for plant acquired to meet GST obligations etc.

(4) A deduction covered by section 42-168 can be reduced under subsection (5) if you do not become the owner or *quasi-owner of the relevant *plant by the end of 30 June 2000.

(5) Reduce your deduction by an amount that reflects the extent (if any) that, as at that time, you reasonably expect neither to use the *plant, nor to have it *installed ready for use, for the purpose of producing assessable income during that part of the *financial year beginning on 1 July 2000 for which you expect to be the owner or *quasi-owner of the plant.