Federal Register of Legislation
New Business Tax System (Capital Allowances) Act 2001
No. 76, 2001
New Business Tax System (Capital Allowances) Act 2001
No. 76, 2001
An Act to implement the New Business Tax System by amending the law relating to taxation, and for related purposes
Contents 1 Short title................................... 2 Commencement............................... 3 Schedule(s)..................................
Schedule 1—Capital Allowances Income Tax Assessment Act 1997
Schedule 2—Effective life and low‑cost plant Income Tax Assessment Act 1997
Schedule 3—Second‑hand plant Income Tax Assessment Act 1997
New Business Tax System (Capital Allowances) Act 2001
No. 76, 2001
An Act to implement the New Business Tax System by amending the law relating to taxation, and for related purposes
[Assented to 30 June 2001]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the New Business Tax System (Capital Allowances) Act 2001.
2 Commencement
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(2) Schedule 2 is taken to have commenced on 1 July 2000.
(3) Schedule 3 is taken to have commenced on 9 May 2001.
3 Schedule(s)
Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Capital Allowances
Income Tax Assessment Act 1997
1 Divisions 40, 41 and 42 Repeal the Divisions, substitute:
Division 40—Capital allowances
Table of Subdivisions
Guide to Division 40 40‑A Objects of Division 40‑B Core provisions 40‑C Cost 40‑D Balancing adjustments 40‑E Low‑value and software development pools 40‑F Primary production depreciating assets 40‑G Capital expenditure of primary producers and other landholders 40‑H Capital expenditure that is immediately deductible 40‑I Capital expenditure that is deductible over time
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