Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p5
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 5/50)
Character Range: 94765–97194

end of 30 June 2001; and
 (c) on or after 1 July 2001:
 (i) the plant is split into 2 or more depreciating assets; or
 (ii) the plant is merged into another depreciating asset.
 (2) For a case where the plant is split into 2 or more depreciating assets, the new Act applies as if you had acquired the assets into which it is split before the time mentioned in paragraph (1)(a) while you continue to hold those assets.
 (3) For a case where the plant is merged into another depreciating asset, section 40‑125 of the new Act does not apply to the asset, or to your interest in the asset, into which it is merged while you continue to hold it.

40‑15  Recalculating effective life
  You cannot recalculate the effective life of a depreciating asset for which:
 (a) you were using, just before 1 July 2001, a rate under subsection 42‑160(1) or 42‑165(1) of the former Act; or
 (b) you would have been using such a rate if you had used the asset, or had it installed ready for use, for the purpose of producing assessable income before that day.

40‑20  IRUs
 (1) This section applies to you if:
 (a) you have deducted or can deduct an amount for an IRU under Division 44 of the former Act or you would have been able to deduct an amount for it under that Division if you had used it for the purpose of producing assessable income before 1 July 2001; and
 (b) you hold the IRU at 1 July 2001.
 (2) Division 40 of the new Act applies to the IRU on this basis:
 (a) you use the cost, effective life and method you were using under Division 44 of the former Act or that you would have used if you had used the IRU for the purpose of producing assessable income before 1 July 2001; and
 (b) the amount that was your undeducted cost of the IRU at the end of 30 June 2001 becomes the IRU's opening adjustable value.
Note: There are special rules for entities that have substituted accounting periods: see section 40‑65.

40‑25  Software
 (1) Despite its repeal by this Act, Division 46 of the former Act continues to apply to expenditure on software that you incurred and that was in a software pool under that Division at the end of 30 June 2001.
 (2) For a unit of software for which you were deducting amounts under Subdivision 46‑B of the former Act or for which you could have deducted amounts under that Subdivision if you had used the software for the purpose of producing assessable income before 1 July 2001, Division 40 of the new