Commonwealth Consolidated Acts

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

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 40.645

Electricity supply and telephone lines

             (1)  This section applies to you if you have deducted or can deduct an amount under Division 387 of the former Act for an amount (the qualifying amount ) of expenditure on:

                     (a)  connecting or upgrading the supply of mains electricity to land; or

                     (b)  a telephone line on land;

and you hold the land to which the electricity or telephone line relates at the start of 1 July 2001.

             (2)  You deduct amounts for the qualifying amount under Subdivision 40-G of the new Act in the same way you were writing it off under Division 387 of the former Act.

             (3)  A reference in subsection 40-650(4), (5) or (7) of the new Act to an amount being deducted under Subdivision 40-G of that Act includes a reference to an amount being deducted under:

                     (a)  Subdivision 387-F of the former Act; or

                     (b)  former section 70 of the Income Tax Assessment Act 1936 .



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback