Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p26
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 26/50)
Character Range: 142856–145358

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.
 (4) Your assessable income includes an amount if:
 (a) after 1 July 2001, you stop holding a mining, quarrying or prospecting right that you started to hold before that day; and
 (b) you have deducted or can deduct an amount for it under Subdivision 330‑C in relation to Subdivision 330‑D or 330‑E of the former Act.
The amount included is the amount you have deducted or can deduct.
 (5) Your assessable income also includes an amount if:
 (a) after 1 July 2001, you stop holding a mining, quarrying or prospecting right that you started to hold before that day; and
 (b) because of section 40‑35 or 40‑38 of this Act, you have deducted or can deduct an amount for a notional asset that relates to expenditure on the right under Division 40 of the new Act.
The amount included is the amount you have deducted or can deduct.
 (6) Division 110 of the new Act applies as if an amount included in assessable income under subsection (4) or (5) of this section were the reversal of a deduction under a provision of the new Act outside Parts 3‑1 and 3‑3 and Division 243.
 (7) An amount that would be included in your assessable income under subsection 40‑285(1) of the new Act in respect of a mining, quarrying or prospecting right is reduced by an amount worked out under subsection (8) if:
 (a) you acquired the right from an associate (except a company that is a member of the same wholly‑owned group) on or after 1 July 2001; and
 (b) the associate started to hold the right before that day.
 (8) The amount is reduced (but not below zero) by the difference between the capital cost that you incurred after that day and the amount to which the cost of the right is limited under subsection (2) of 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