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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 43 - Deductions for capital works  

Subdivision 43-A - Key operative provisions  

Operative provisions

SECTION 43-50  Links and signposts to other parts of the Act  

Links

43-50(1)  

 ITAA 36
No part of a * pool of construction expenditure can be a deduction, or taken into account in working out the amount of a deduction, under a provision of this Act other than this Division.

43-50(2)  

 ITAA 36
No part of an amount incurred by an entity in acquiring capital works for which there is a * pool of construction expenditure can be a deduction, or taken into account in working out the amount of a deduction, under a provision of this Act other than this Division.

43-50(3)  

 ITAA 36
You will be taken not to be the owner of any part of capital works that are the subject of a lease to which you have chosen to apply section 104-115 (CGT event F2). The lessee or sublessee will be taken to be the owner of that part.

Note 1:

Choosing to apply section 104-115 results in the lease being treated for CGT purposes more like an outright disposal.

Note 2:

See subsection 43-180(3) for the effect of the rule in subsection (3) of this section on the need to own 10 apartments, units or flats in an apartment building.

43-50(4)  

(Repealed by No 46 of 1998)

43-50(5)  

(Repealed by No 46 of 1998)

Signposts

43-50(6)  

 [No equivalent]
There are special record-keeping rules that apply to this Division in subsection 262A(4AJA) of the Income Tax Assessment Act 1936 .

43-50(7)  

 View history reference ITAA 36
Your deductions under this Division may be reduced if any of your commercial debts have been forgiven in the income year: see Subdivision 245-E .

43-50(8)  

 View history reference
Where you have had a deduction under this Division an amount may be included in your assessable income if the expenditure was financed by limited recourse debt that has terminated: see Division 243 .


 



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