INCOME TAX ASSESSMENT ACT 1997
LIABILITY RULES OF GENERAL APPLICATION
CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE
Div 40 substituted for Divs 40, 41 and 42 by No 76 of 2001.
s Remedial Power
s Remedial Power (CRP 2017/2) is relevant to this part of the tax law. Taxation Administration (Remedial Power
Small Business Restructure Roll-over) Determination 2017 (F2017L01687) modifies the operation of s
Income Tax Assessment Act 1997
and any other provisions of a taxation law whose operation is affected by the modified operation of s
in relation to an asset transferred under a small business restructure roll-over (item 8 of the table in s
The operation of the relevant provisions is modified as follows:
of ITAA 1997 provides for rollover relief in relation to a disposal of a depreciating asset because the condition in item 8 of the table in s
of ITAA 1997 is satisfied in relation to the asset, that section has effect as if it also provided that the disposal of the asset has no direct consequences under the income tax law (other than Div
of ITAA 1997).
The modification applies in respect of transfers on or after 8 May 2018.
An entity must treat a modification as not applying to it or any other entity if the modification would produce a less favourable result for it. The Commissioner is empowered by s
Taxation Administration Act 1953
to make modifications, by legislative instrument, to ensure the law is administered to achieve its intended purpose or object.
Subdiv 40-I inserted by No 76 of 2001.
are any of the following:
(a) materials resulting from
minerals treatment of
minerals or quarry materials (except
(b) materials resulting from sintering or calcining;
(c) pellets or other agglomerated forms of iron;
(d) alumina and blister copper.
(a) cleaning, leaching, crushing, grinding, breaking, screening, grading or sizing; or
(b) concentration by a gravity, magnetic, electrostatic or flotation process; or
(c) any other treatment:
(i) that is applied to
minerals, or to quarry materials, before that concentration; or
(ii) for a mineral or materials not requiring that concentration, that would, if the mineral or materials had required concentration, have been applied before the concentration;
but does not include:
(d) sintering or calcining; or
(e) producing alumina, or pellets or other agglomerated forms of iron, or processing connected with such production.
S 40-875 inserted by No 76 of 2001.