New Business Tax System (Capital Allowances—Transitional and Consequential) Act 2001 (Cth)

New Business Tax System (Capital Allowances—Transitional and Consequential) Act 2001

Act No. 77 of 2001 as amended

This compilation was prepared on 31 January 2003

[This Act was amended by Act No. 119 of 2002]

Amendments from Act No. 57 of 2002 [Schedule 12 (item 44) amended item 219 of Schedule 2 Schedule 12 (item 45) amended item 230 of Schedule 2 Schedule 12 (items 44 and 45) commenced on 20 June 2001]

Amendments from Act No. 119 of 2002 [Schedule 3 (items 97 to 99) amended item 488 of Schedule 2 Schedule 3 (items 97 to 99) commenced on 30 June 2001]

Prepared by the Office of Legislative Drafting, Attorney‑General's Department, Canberra

Contents 1 Short title 2 Commencement 3 Schedule(s)

Schedule 1—Transitional provisions Income Tax (Transitional Provisions) Act 1997 Division 40—Capital allowances Subdivision 40‑B—Core provisions 40‑10..................................Plant 40‑12........................Plant acquired after 30 June 2001 40‑15.....................Recalculating effective life 40‑20..................................IRUs 40‑25................................Software 40‑30...........................Spectrum licences 40‑33..................Datacasting transmitter licences 40‑35..................Mining unrecouped expenditure 40‑40........................Transport expenditure 40‑45.........................Intellectual property 40‑50.............Forestry roads and timber mill buildings 40‑55.................Environmental impact assessment 40‑60......................Pooling under Subdivision 42‑L of the former Act 40‑65...................Substituted accounting periods 40‑70.References to amounts deducted and reductions in deductions 40‑75................Mining expenditure incurred after 1 July 2001 on an asset 40‑77Mining, quarrying or prospecting rights or information held before 1 July 2001 40‑80.................Other expenditure incurred after 1 July 2001 on a depreciating asset 40‑85...........................Excess deductions Subdivision 40‑C—Cost 40‑230...............................Car limit Subdivision 40‑D—Balancing adjustments 40‑285.......................Balancing adjustments 40‑290.........Reduction of deductions under former Act etc. 40‑295...........................Later year relief 40‑340..................................Roll‑overs 40‑345Balancing adjustments for depreciating assets that retain CGT indexation Subdivision 40‑E—Low‑value and software development pools 40‑420..................................Low‑value pools under Division 42 continue 40‑425...............Allocating depreciating assets to low‑value pools 40‑450....................Software development pools Subdivision 40‑F—Primary production depreciating assets 40‑515......Water facilities, grapevines and horticultural plants 40‑520.......Special rule for water facilities you no longer hold 40‑525..............Amounts deducted for water facilities Subdivision 40‑G—Capital expenditure of primary producers and other landholders 40‑645..............Electricity supply and telephone lines 40‑650..........Special rule for land that you no longer hold 40‑670...........................Farm consultants Subdivision 40‑I—Capital expenditure that is deductible over time 40‑825........................Genuine prospectors