Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 40.15

Objects of Division

                   The objects of this Division are:

                     (a)  to allow you to deduct the * cost of a * depreciating asset; and

                     (b)  to spread the deduction over a period that reflects the time for which the asset can be used to obtain benefits; and

                     (c)  to provide deductions for certain other capital expenditure that is not otherwise deductible.

Note 1:       This Division does not apply to some depreciating assets: see section 40- 45.

Note 2:       The application of this Division to a life insurance company is affected by sections 320-200 and 320- 255.

Guide to Subdivision 40-B



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