Commonwealth Consolidated Acts

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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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