Document ID: chunk:federal_register_of_legislation:C2004A00445:clause:4_7
Version: federal_register_of_legislation:C2004A00445
Segment Type: clause
Provision Reference: sch 4 cl 7
Character Range: 58853–59289

7  Subsection 42‑2(2)
Repeal the subsection, substitute:

 (2) However, section 42‑15 of the 1997 Act does not apply to allow you to deduct an amount for depreciation of a ship for an income year if you calculate the amount of a deduction in accordance with section 57AM of the 1936 Act for the ship for that year.

Note: Depreciation deductions for these ships are allowable under the 1936 Act: see subsection 53I(2) of the 1936 Act.