Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p4
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 4/9)
Character Range: 207209–209972

contract entered into before 1 July 2001; or
 (ii) the transferor constructed it and the construction started at or before that day; or
 (iii) the transferor acquired it in some other way before that day.

40‑365  Involuntary disposals
  Section 40‑365 of the new Act applies to a case where:
 (a) a balancing adjustment event occurred for plant in the circumstances mentioned in subsection 42‑293(2) of the former Act before 1 July 2001; and
 (b) you start to hold a replacement asset or assets after that day; and
 (c) the conditions in subsections 40‑365(3) and (4) of the new Act are satisfied.

Subdivision 40‑E—Low‑value and software development pools

Table of sections
40‑420 Low‑value pools under Division 42 continue
40‑430 Allocating assets to low‑value pools
40‑450 Software development pools

40‑420  Low‑value pools under Division 42 continue
 (1) A low‑value pool you created under Subdivision 42‑M of the former Act continues under the new Act as if it had been created under Subdivision 40‑E of the new Act.
 (2) For the purposes of working out the decline in value of depreciating assets in such a pool for your income year in which 1 July 2001 occurs, step 3 of the method statement in subsection 40‑440(1) of the new Act applies to the pool closing balance, worked out under section 42‑470 of the former Act, for the income year before that year.

40‑430  Allocating assets to low‑value pools
  For the purposes of Subdivision 40‑E of the Income Tax Assessment Act 1997, you cannot allocate a depreciating asset to a low‑value pool if:
 (a) you can deduct an amount for the asset under former section 73BA of the Income Tax Assessment Act 1936; or
 (b) you could so deduct an amount if you had not chosen a tax offset under former section 73I of that Act;
for a period before, or starting at the same time as, the allocation has effect.

40‑450  Software development pools
  Subsection 40‑450(2) of the new Act has effect as if the reference to expenditure being allocated to a software development pool included a reference to expenditure being allocated to a software pool under Division 46 of the former Act.

Subdivision 40‑F—Primary production depreciating assets

Table of sections
40‑515 Water facilities, grapevines and horticultural plants
40‑520 Special rule for water facilities you no longer hold
40‑525 Amounts deducted for water facilities

40‑515  Water facilities, grapevines and horticultural plants
 (1) This section applies to you if you have deducted or can deduct an amount under Division 387 of the former Act for an amount (the qualifying amount) of expenditure on any of these (the primary production asset):
 (a) the construction, manufacture, installation or acquisition of a water facility; or
 (b) the establishment