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INCOME TAX ASSESSMENT ACT 1997 - SECT 43.85

Pools of construction expenditure

  (1)   A pool of construction expenditure is so much of the * construction expenditure incurred by an entity on capital works as is attributable to the * construction expenditure area.

  (2)   In applying subsection   (1) in a case to which subsection   43 - 75(3) (dealing with purchases from speculative builders) applies, assume that the expenditure incurred by the other entity was capital expenditure, but that the limitations in subsection   43 - 70(2) (which sets out types of expenditure that are not * construction expenditure) still apply to the other entity's expenditure.

Note:   The builder's profit margin does not form part of the construction expenditure of the purchaser.


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