INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteThe most important change is that, for the purposes of this Subdivision, subsection 82AB(1) (which is the main deduction provision) is to be replaced by the following:
``(1) Subject to this Subdivision, if:
(a) after 8 February 1993, a taxpayer incurs expenditure of a capital nature in respect of the acquisition or construction by the taxpayer of a new unit of eligible property to which this Subdivision applies; and
(b) the expenditure was $3,000 or more; and
(c) the expenditure was incurred:
(i) in respect of a unit of property acquired by the taxpayer under a contract entered into after 8 February 1993 and before 1 July 1994; or
(ii) in respect of a unit of property that was constructed by the taxpayer, where the construction commenced after 8 February 1993 and before 1 July 1994; and
(d) the unit of property was first used or installed ready for use before 1 July 1995;
a deduction equal to 10% of the expenditure is allowable to the taxpayer for the first year of income during which that unit was either used for the purpose of producing assessable income or installed ready for use for that purpose.''
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