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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 40.15

Recalculating effective life

    You cannot recalculate the effective life of a depreciating asset for which:

  (a)   you were using, just before 1   July 2001, a rate under subsection   42 - 160(1) or 42 - 165(1) of the former Act; or

  (b)   you would have been using such a rate if you had used the asset, or had it installed ready for use, for the purpose of producing assessable income before that day.



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