Document ID: chunk:federal_register_of_legislation:C2004C01190:clause:1_1:p15
Version: federal_register_of_legislation:C2004C01190
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 15/18)
Character Range: 40540–43142

Act in respect of mining, quarrying or prospecting information you started to hold before 1 July 2001 is reduced (but not below zero) by so much of the capital cost of acquiring the information that you incurred before that day and that:
 (a) you have not deducted and cannot deduct (either immediately or over time) under the former Act; and
 (b) did not form part of allowable capital expenditure under the former Act; and
 (c) did not entitle you to a deduction under section 330‑235 of the former Act;
but only to the extent that you have not already applied the amount under this section.

40‑80  Other expenditure incurred after 1 July 2001 on a depreciating asset

 (1) This section applies to you if:
 (a) you incur expenditure after 30 June 2001 that forms part of the cost of a depreciating asset; and
 (b) the depreciating asset is one that you:
 (i) started to hold under a contract entered into before 1 July 2001; or
 (ii) constructed where the construction started before that day; or
 (iii) started to hold in some other way before that day; and
 (c) if you had incurred the expenditure before 1 July 2001, and had satisfied any relevant requirement for deductibility, you would have been able to deduct an amount for it under Division 44, 373 or 380, or Subdivision 46‑B or 387‑G, of the former Act.

 (2) Subdivision 40‑B of the new Act applies to the asset on the basis that it has a cost, and an adjustable value, of zero at the start of 1 July 2001.

40‑85  Excess deductions

  You can deduct any amount of new EPE (see sections 330‑30 and 330‑35 of this Act) you have at the end of your 2000‑01 income year, reduced by the total of the relevant amounts (see subsections 330‑30(4) and 330‑35(4) of this Act) for an earlier applicable year (see subsections 330‑30(3) and 330‑35(3) of this Act).

Subdivision 40‑C—Cost

Table of sections

40‑230 Car limit

40‑230  Car limit

 (1) Division 40 of the new Act applies as if references in that Division to the car limit included references to:
 (a) the car depreciation limit under Division 42 of the former Act; and
 (b) the motor vehicle depreciation limit under section 57AF of the Income Tax Assessment Act 1936.

 (2) If you:
 (a) have a substituted accounting period; and
 (b) start to hold a car in your 2001‑02 income year but before 1 July 2001;
you must use as the car limit the car depreciation limit under section 42‑80 of the former Act for the 2000‑01 financial year.

Subdivision 40‑D—Balancing adjustments

Table of sections

40‑285 Balancing adjustments
40‑290 Reduction of deductions under former Act etc.
40‑295