Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:11_1:p6
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 11 cl 1 (pt 6/8)
Character Range: 689007–691616

road after the 1955‑56 income year, or on construction of a timber mill building after the 1962-63 income year.

 (4) Despite subsection (3), if before the 1997-98 income year:
 (a) you incurred capital expenditure on constructing or acquiring an access road for which you did or can deduct an amount under section 124F of the Income Tax Assessment Act 1936; and
 (b) you stopped using the road for the purpose for which it was primarily and principally constructed; and
 (c) you started using the road again for that purpose;
you are taken to have incurred an amount of capital expenditure on the road equal to the amount described in subsection 124F(4) of that Act in the income year in which you started using the road again.

387‑472  Treatment of deductions for income years before 1997-98
 (1) If you deducted, or can deduct, an amount for an income year (the old law year) before the 1997-98 income year under section 124F or 124JA of the Income Tax Assessment Act 1936 for your expenditure on an access road or a timber mill building:
 (a) you are taken to have deducted that amount for the old law year under Subdivision 387‑G of the Income Tax Assessment Act 1997 (which allows deductions for the 1997-98 income year and later income years for expenditure on forestry roads and timber mill buildings), as if that Subdivision had applied to assessments for the old law year; and
 (b) the amount is taken not to have been deducted or be deductible under section 124F or 124JA of the Income Tax Assessment Act 1936.

 (2) This section applies only for the purposes of Subdivision 387‑G of the Income Tax Assessment Act 1997. It does not affect a deduction, or an entitlement to a deduction, under section 124F or 124JA of the Income Tax Assessment Act 1936 for an income year before the 1997-98 income year for the purposes of that Act.

[The next section is section 387‑485.]

387‑485  How the balancing adjustment is affected if there has only been old roll-over relief

 (1) If:
 (a) before the 1997-98 income year, roll‑over relief was available under section 124GA or section 124JD of the Income Tax Assessment Act 1936 in relation to the disposal of an access road or a timber mill building by a taxpayer (the transferor) to another taxpayer (the transferee); and
 (b) in the 1997‑98 income year or a later income year:
 (i) the road or building is destroyed; or
 (ii) the transferee disposes of it in circumstances where Subdivision 41‑A of the Income Tax Assessment Act 1997 (which sets out Common rule 1 dealing with roll‑over relief for related entities) does not apply to the disposal; or