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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    View history reference

Subdivision 40-I - Capital expenditure that is deductible over time    View history reference

Operative provisions

SECTION 40-865  Meaning of transport capital expenditure  

 View history reference [330-375(1) to (3)]

40-865(1)  

Transport capital expenditure is capital expenditure you incur, in carrying on a *business for a *taxable purpose, on:


(a) a *transport facility; or


(b) obtaining a right to construct or install a transport facility, or part of one, on land owned or leased by another entity or in an area referred to in subsection 960-505(2) (about offshore areas, the Joint Petroleum Development Area and installations); or
 View history reference


(c) paying compensation for any damage or loss caused by constructing or installing a transport facility or part of one; or


(d) earthworks, bridges, tunnels or cuttings that are necessary for a transport facility.

40-865(2)  

Transport capital expenditure also includes capital expenditure you incur, in carrying on a *business for a *taxable purpose, by way of contribution to:


(a) someone else's capital expenditure on a *transport facility or on anything else covered by a paragraph of subsection (1); or


(b) an *exempt Australian government agency's capital expenditure on railway rolling-stock.

40-865(3)  

Transport capital expenditure does not include expenditure on:


(a) road vehicles or ships; or


(b) railway rolling-stock; or


(c) a thing covered by the definition of housing and welfare; or


(d) works for providing water, light or power, in connection with a port facility or other facility for ships;

and does not include expenditure by way of contribution to that expenditure (except expenditure by way of contribution to an *exempt Australian government agency's capital expenditure on railway rolling-stock).


 



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