Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 40.30

Spectrum licences

             (1)  This section applies to you if you have deducted or can deduct an amount under Division 380 of the former Act for expenditure incurred in obtaining a spectrum licence on or before 30 June 2001 or you could have deducted an amount under that Division for that expenditure if you had used the licence for the purpose of producing assessable income on or before that day.

             (2)  Division 40 of the new Act applies to the spectrum licence on this basis:

                     (a)  its cost is your expenditure incurred in obtaining the licence; and

                     (b)  its opening adjustable value at 1 July 2001 is the amount of unrecouped expenditure for the licence at the end of 30 June 2001; and

                     (c)  its effective life is the same as it had under the former Act; and

                     (d)  you must use the prime cost method.

Note:          There are special rules for entities that have substituted accounting periods: see section 40-65.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback