Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 40.645

  (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 .