Document ID: chunk:federal_register_of_legislation:C2004C01190:front:0:p1
Version: federal_register_of_legislation:C2004C01190
Segment Type: other
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Character Range: 0–4063

New Business Tax System (Capital Allowances—Transitional and Consequential) Act 2001

Act No. 77 of 2001 as amended

This compilation was prepared on 31 January 2003

[This Act was amended by Act No. 119 of 2002]

Amendments from Act No. 57 of 2002
[Schedule 12 (item 44) amended item 219 of Schedule 2
Schedule 12 (item 45) amended item 230 of Schedule 2
Schedule 12 (items 44 and 45) commenced on 20 June 2001]

Amendments from Act No. 119 of 2002
[Schedule 3 (items 97 to 99) amended item 488 of Schedule 2
Schedule 3 (items 97 to 99) commenced on 30 June 2001]

Prepared by the Office of Legislative Drafting,
Attorney‑General's Department, Canberra

Contents
1 Short title
2 Commencement
3 Schedule(s)

Schedule 1—Transitional provisions
Income Tax (Transitional Provisions) Act 1997
Division 40—Capital allowances
Subdivision 40‑B—Core provisions
40‑10..................................Plant
40‑12........................Plant acquired after 30 June 2001
40‑15.....................Recalculating effective life
40‑20..................................IRUs
40‑25................................Software
40‑30...........................Spectrum licences
40‑33..................Datacasting transmitter licences
40‑35..................Mining unrecouped expenditure
40‑40........................Transport expenditure
40‑45.........................Intellectual property
40‑50.............Forestry roads and timber mill buildings
40‑55.................Environmental impact assessment
40‑60......................Pooling under Subdivision 42‑L of the former Act
40‑65...................Substituted accounting periods
40‑70.References to amounts deducted and reductions in deductions
40‑75................Mining expenditure incurred after 1 July 2001 on an asset
40‑77Mining, quarrying or prospecting rights or information held before 1 July 2001
40‑80.................Other expenditure incurred after 1 July 2001 on a depreciating asset
40‑85...........................Excess deductions
Subdivision 40‑C—Cost
40‑230...............................Car limit
Subdivision 40‑D—Balancing adjustments
40‑285.......................Balancing adjustments
40‑290.........Reduction of deductions under former Act etc.
40‑295...........................Later year relief
40‑340..................................Roll‑overs
40‑345Balancing adjustments for depreciating assets that retain CGT indexation
Subdivision 40‑E—Low‑value and software development pools
40‑420..................................Low‑value pools under Division 42 continue
40‑425...............Allocating depreciating assets to low‑value pools
40‑450....................Software development pools
Subdivision 40‑F—Primary production depreciating assets
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
Subdivision 40‑G—Capital expenditure of primary producers and other landholders
40‑645..............Electricity supply and telephone lines
40‑650..........Special rule for land that you no longer hold
40‑670...........................Farm consultants
Subdivision 40‑I—Capital expenditure that is deductible over time
40‑825........................Genuine prospectors

Schedule 2—General consequential amendments
Airports (Transitional) Act 1996
49B Special rules for fixtures that are depreciating assets—Income Tax Assessment Act 1997
50B Acquisition of depreciating asset from the Commonwealth—Division 40 of the Income Tax Assessment Act 1997
51B Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997
A New Tax System (Goods and Services Tax) Act 1999
A New Tax System (Luxury Car Tax) Act 1999
Bounty and Capitalisation Grants (Textile Yarns) Act 1981
Bounty (Computers) Act 1984
Bounty (Machine Tools and Robots) Act 1985
Defence Act 1903
Income Tax Assessment Act 1936
Subdivision 57‑N—Division not applicable in respect of certain plant
57‑130......Plant or depreciating assets covered by Subdivision 58‑B of