Div 40 substituted for Divs 40, 41 and 42 by No 76 of 2001.
Subdiv 40-A substituted by No 76 of 2001.
40-15 Objects of Division
(a) to allow you to deduct the *cost of a *depreciating asset; and
(b) to spread the deduction over a period that reflects the time for which the asset can be used to obtain benefits; and
(c) to provide deductions for certain other capital expenditure that is not otherwise deductible.
This Division does not apply to some depreciating assets: see section 40-45.
The application of this Division to a life insurance company is affected by sections 320-200 and 320-255.
S 40-15 amended by No 83 of 2004 and substituted by No 76 of 2001.