Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances  

Subdivision 40-B - Core provisions  

Operative provisions

SECTION 40-45   Assets to which this Division does not apply  

Eligible work related items

40-45(1)    

This Division does not apply to an asset that is an eligible work related item for the purposes of section 58X of the Fringe Benefits Tax Assessment Act 1986 where the relevant benefit provided by the employer is an expense payment benefit or a property benefit (within the meaning of that Act).

Capital works

40-45(2)    

This Division does not apply to capital works for which you can deduct amounts under Division 43 , or for which you could deduct amounts under that Division:

(a) but for expenditure being incurred, or capital works being started, before a particular day; or

(b) had you used the capital works for a purpose relevant to those capital works under section 43-140 .

Note:

Section 43-20 lists the capital works to which that Division applies.

40-45(3)    
(Repealed by No 78 of 2005)

40-45(4)    
(Repealed by No 78 of 2005)

Films

40-45(5)    
This Division does not apply to a ^* depreciating asset if you or another taxpayer has deducted or can deduct amounts for it under:

(a) former Division 10BA of Part III of the Income Tax Assessment Act 1936 (about Australian films); or

(b) former Division 10B of Part III of that Act if the depreciating asset relates to a copyright in an Australian film within the meaning of that Division.

40-45(6)    

This Division applies to a *depreciating asset that is copyright in a *film where a company is entitled to a *tax offset under section 376-55 in respect of the film as if the asset ' s *cost were reduced by the amount of that offset.