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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 40.80

Other expenditure incurred after 1 July 2001 on a depreciating asset

             (1)  This section applies to you if:

                     (a)  you incur expenditure after 30 June 2001 that forms part of the cost of a depreciating asset; and

                     (b)  the depreciating asset is one that you:

                              (i)  started to hold under a contract entered into before 1 July 2001; or

                             (ii)  constructed where the construction started before that day; or

                            (iii)  started to hold in some other way before that day; and

                     (c)  if you had incurred the expenditure before 1 July 2001, and had satisfied any relevant requirement for deductibility, you would have been able to deduct an amount for it under Division 44, 373 or 380, or Subdivision 46-B or 387-G, of the former Act.

             (2)  Subdivision 40-B of the new Act applies to the asset on the basis that it has a cost, and an adjustable value, of zero at the start of 1 July 2001.



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