Document ID: chunk:federal_register_of_legislation:C2025C00014:section:159gj:p3
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 159GJ (pt 3/7)
Character Range: 1379702–1382364

the former Division 42, or Division 40, of the Income Tax Assessment Act 1997 would, apart from this Division, apply, if the depreciated value, within the meaning of the former section 62 of this Act, the undeducted cost, under the former Division 42 of the Income Tax Assessment Act 1997 or the adjustable value under Division 40 of that Act, of the item of property at the beginning of the year of income were equal to the residual amount, as ascertained under sub‑subparagraph (A), in relation to the relevant eligible amount at the commencement of the post‑application part;
 (d) the residual amount at any time (in this paragraph referred to as the relevant time) after the year of income in which the application period ends (not being a time after the commencement of a subsequent application period) in relation to the eligible amount (in this paragraph referred to as the relevant eligible amount) by reason of which the item is an item of eligible depreciation property is the amount that would be the residual amount in relation to the relevant eligible amount in relation to the relevant time under sub‑subparagraph (1)(c)(iii)(A) if the post‑application part referred to in that sub‑subparagraph extended to include the relevant time; and
 (e) for the purpose of the application of this Act and the Income Tax Assessment Act 1997 in relation to the item of property at any time after the year of income in which the application period ends—there shall be taken to have been allowed as a depreciation deduction in relation to the item of property in relation to the application period an amount equal to the total notional principal in relation to the eligible amount by reason of which the item of property is eligible depreciation property in relation to the application period.
 (2) Where this Division applies in relation to an item of Division 10, 10AA or 10A property:
 (a) no deduction is allowable to any taxpayer under:
 (ii) section 40‑830 of the Income Tax Assessment Act 1997 for a project amount that is mining capital expenditure within the meaning of that Act; or
 (iii) Subdivision 40‑B of that Act for a depreciating asset that is a forestry road or timber mill building;
  in relation to any amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10, 10AA or 10A property for any year of income in which the whole or a part of the application period occurs;
 (b) the residual amount at any time after the application period (not being a time after the commencement of a subsequent application period) in relation to an amount of expenditure (not being expenditure