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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 40.650

Special rule for land that you no longer hold

  (1)   This section applies to you if:

  (a)   you have deducted or can deduct an amount under Division   387 of the former Act for an amount (the qualifying amount ) of expenditure on connecting or upgrading the supply of mains electricity to land or a telephone line on land; and

  (b)   you do not hold the land to which the electricity or telephone line relates at the start of 1   July 2001.

  (2)   Subdivision   40 - G of the new Act applies to the qualifying amount on the basis specified in that Subdivision, and no other taxpayer can deduct amounts for it under the new Act.


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