Document ID: chunk:federal_register_of_legislation:C2004A00844:clause:1_1
Version: federal_register_of_legislation:C2004A00844
Segment Type: clause
Provision Reference: sch 1 cl 1
Character Range: 1555–3125

1  Divisions 40, 41 and 42
Repeal the Divisions, substitute:

Division 40—Capital allowances

Table of Subdivisions

 Guide to Division 40
40‑A Objects of Division
40‑B Core provisions
40‑C Cost
40‑D Balancing adjustments
40‑E Low‑value and software development pools
40‑F Primary production depreciating assets
40‑G Capital expenditure of primary producers and other landholders
40‑H Capital expenditure that is immediately deductible
40‑I Capital expenditure that is deductible over time

Guide to Division 40

40‑1  What this Division is about

      You can deduct an amount equal to the decline in value of a depreciating asset (an asset that has a limited effective life and that is reasonably expected to decline in value over the time it is used) that you hold.
      That decline is generally measured by reference to the effective life of the asset.
      You can also deduct amounts for certain other capital expenditure.

40‑10  Simplified outline of this Division
The key concepts about depreciating assets and certain other capital expenditure are outlined below (in bold italics).

Simplified outline of this Division
Item                                 Major topic                                                                                                                                                                                                                                                                                   Provisions
                                     Subordinate topics
                                     Rules