Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 43.50

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             (1)  No part of a * pool of construction expenditure can be a deduction, or taken into account in working out the amount of a deduction, under a provision of this Act other than this Division.

             (2)  No part of an amount incurred by an entity in acquiring capital works for which there is a * pool of construction expenditure can be a deduction, or taken into account in working out the amount of a deduction, under a provision of this Act other than this Division.

             (3)  You will be taken not to be the owner of any part of capital works that are the subject of a lease to which you have chosen to apply section 104- 115 (CGT event F2). The lessee or sublessee will be taken to be the owner of that part.

Note 1:       Choosing to apply section 104- 115 results in the lease being treated for CGT purposes more like an outright disposal.

Note 2:       See subsection 43-180(3) for the effect of the rule in subsection (3) of this section on the need to own 10 apartments, units or flats in an apartment building.

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             (6)  There are special record-keeping rules that apply to this Division in subsection 262A(4AJA) of the Income Tax Assessment Act 1936 .

             (7)  Your deductions under this Division may be reduced if any of your commercial debts have been forgiven in the income year: see Subdivision 245-E.

             (8)  Where you have had a deduction under this Division an amount may be included in your assessable income if the expenditure was financed by limited recourse debt that has terminated: see Division 243.



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