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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 40.55

Environmental impact assessment

             (1)  This section applies to you if you have deducted or can deduct an amount under Subdivision 400-A of the former Act for an amount (the qualifying amount ) of expenditure on or before 30 June 2001 on evaluating the impact on the environment of a project under Subdivision 400-A of the former Act.

             (2)  Division 40 of the new Act applies to the qualifying amount as if it were a depreciating asset on this basis:

                     (a)  it has an opening adjustable value at 1 July 2001 equal to the qualifying amount less any amounts you have deducted or can deduct for it under the former Act or the Income Tax Assessment Act 1936 ; and

                     (b)  it has a cost equal to the qualifying amount; and

                     (c)  it has an effective life equal to the number of years for which you could deduct for the qualifying amount worked out under subsection 400-15(3) of 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.



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