Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:2_3
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 2 cl 3
Character Range: 151729–152546

3                                                          After 30 June 2001       First element of the cost of the asset  Subsection 58‑70(5)

Note 1: As originally enacted, Division 58 of the Income Tax Assessment Act 1997 applied to acquisitions on or after 4 August 1997. That Act was later amended to replace Division 58, with the replacement Division 58 applying to acquisitions on or after 1 July 2001.

Note 2: Division 58 of the Income Tax Assessment Act 1997 may, for example, have indirectly affected how much the chosen transitional entity could deduct for the asset because:

(a) that Division affected the amount that could be deducted by an entity that held the asset before the chosen transitional entity; and

(b) that effect extended to the chosen transitional entity because of roll‑over relief.