Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:4_1:p1
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 4 cl 1 (pt 1/3)
Character Range: 900692–904060

1  Section 330‑75 (link note)
Repeal the link note, substitute:

[The next Division is Division 373.]

Division 373—Intellectual property

Table of sections

373‑1 Application of Division 373 of the Income Tax Assessment Act 1997
373‑10 Application to item of intellectual property you owned before 1998‑99
373‑65 Effect on balancing adjustment if there has been roll‑over relief under the old law only
373‑100 Item you acquired in a non‑arm's length transaction

373‑1  Application of Division 373 of the Income Tax Assessment Act 1997

  Division 373 (Intellectual property) of the Income Tax Assessment Act 1997 applies to assessments for the 1998‑99 income year and later income years.

[The next section is section 373‑10.]

373‑10  Application to item of intellectual property you owned before 1998‑99

 (1) This section affects how Division 373 (Intellectual property) of the Income Tax Assessment Act 1997 applies if you have owned an item of intellectual property since before the 1998‑99 income year.

Unrecouped expenditure

 (2) Your unrecouped expenditure on the item at the start of the 1998‑99 income year equals the item's residual value in relation to you immediately after the end of the 1997‑98 income year, as worked out under Division 10B of Part III of the Income Tax Assessment Act 1936. (It can later be reduced and increased as provided in Division 373 (Intellectual property) of the Income Tax Assessment Act 1997.)

See section 373‑25 of the Income Tax Assessment Act 1997.

Effective life

 (3) The item's effective life in your hands is the same as its effective life worked out at the end of the 1997‑98 income year under Division 10B of Part III of the Income Tax Assessment Act 1936. (This is despite section 373‑35 of the Income Tax Assessment Act 1997.)

Taking account of what happened before 1998‑99

 (4) The provisions of the Income Tax Assessment Act 1997 listed in column 2 of an item in the table apply as shown in the table.

Taking account of what happened before 1998‑99
                                                The following provision(s):                                                                                                                                                                                                         in the same way as they apply to this:
Item                                                                                                 apply to this:
  1                                             373‑50(4);                                           an amount you have deducted or can deduct for the item under Division 10B of Part III of the Income Tax Assessment Act 1936 for an income year before the 1998‑99 income year  an amount you have deducted or can deduct for the item under Subdivision 373‑B or 373‑D (as appropriate) of the Income Tax Assessment Act 1997

                                                373‑65(2);

                                                41‑40(2) (as applying because of 373‑80 and 373‑85)

  2                                             373‑50(4);                                           an amount that section 124P of the Income Tax Assessment Act 1936 included in your assessable income for the item for an income year before the 1998‑99 income year            an amount included in your assessable