INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history noteNotwithstanding the provisions of section 8-10 of the Income Tax Assessment Act 1997 , but subject to subsections (2), (3) and (4), the deduction allowable under this Subdivision in respect of expenditure in respect of a unit of property is allowable in addition to any deduction that is allowable in respect of that unit of property under any other provision of this Act or the Income Tax Assessment Act 1997 .
A deduction under this Subdivision is not allowable in respect of expenditure in respect of a unit of property where a deduction in respect of the expenditure has been allowed or is allowable under section 73B , 73BA or 73BH of this Act or the former section 330-15 or Subdivision 387-A, 387-B or 387-E or paragraph 40-515(1)(a), section 40-630, section 40-645 or section 40-730 of the Income Tax Assessment Act 1997 .
A deduction under this Subdivision is not allowable in respect of expenditure in respect of a unit of property where a deduction in respect of the expenditure would have been allowed or allowable under section 73B , 73BA , 73BH or 73Y if a company had not chosen a tax offset under section 73I .
A deduction under this Subdivision is not allowable for expenditure in relation to a unit of property if:
(a) the property is a depreciating asset; and
(b) a deduction is allowable for it under Division 40 of the Income Tax Assessment Act 1997 ; and
(c) the taxpayer could have deducted the property's cost under that Act for the year of income in which the taxpayer first used it for a taxable purpose (within the meaning of that Act).
A deduction under this Subdivision is not allowable for expenditure in relation to a unit of property if a deduction is allowable in accordance with section 57AM in respect of the property (section 57AM deals with special depreciation on trading ships).
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