Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 40.450

Software development pools

             (1)  You may choose to allocate amounts of expenditure you incur on * in-house software in an income year to a software development pool if it is expenditure on developing, or having another entity develop, computer software.

Note:          You cannot allocate expenditure on in-house software to a software development pool if it is expenditure on acquiring computer software or a right to use computer software.

             (2)  Once you choose to create a software development pool for an income year, any amounts of the kind referred to in subsection (1) you incur after the pool is created (whether in that income year or a later one) must be allocated to a software development pool.

             (3)  However, an amount of expenditure on * in-house software can only be allocated to a software development pool if you intend to use the software solely for a * taxable purpose.

             (4)  You must create a separate software development pool for each income year for which you incur amounts of the kind referred to in subsection (1).



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