Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p4
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 4/17)
Character Range: 572579–575140

Core technology that is a depreciating asset

This section only applies for deductions under Division 40
 (1) This section applies for the purposes of Division 40 of the Income Tax Assessment Act 1997, other than sections 40‑292 and 40‑293 of that Act, if the core technology (the asset) is a depreciating asset.
 (2) Disregard this section, including its effect on the amount you can deduct under section 40‑25 of that Act for the asset, for the purposes of working out:
 (a) a deduction under any other Division of that Act for any income year; and
 (b) a tax offset under any other Division of that Act for any income year.

Changes made by this section
 (3) The asset's opening adjustable value for the first income year that commences on or after 1 July 2011 (the first new income year) is equal to the amount of the undeducted expenditure.
 (4) Subsection 40‑75(2) of the Income Tax Assessment Act 1997 applies to the asset as if the first new income year were a change year (within the meaning of that subsection).

355‑610  Core technology that is not a depreciating asset
  If the core technology is not a depreciating asset, you can deduct the undeducted expenditure in equal proportions over a period of 5 income years starting in the first income year commencing on or after 1 July 2011.

Division 375—Australian films

Table of Subdivisions
375‑G Film losses

Subdivision 375‑G—Film losses

Table of sections
375‑100 Film component of tax loss for 1997‑98 or later income years
375‑105 Film component of tax loss for 1989‑90 to 1996‑97 income years
375‑110 Film loss for 1989‑90 or later income year

375‑100  Film component of tax loss for 1997‑98 or later income year
  To work out the film component (if any) of your tax loss for the 1997‑98 income year or a later income year, apply former section 375‑805 of the Income Tax Assessment Act 1997.

375‑105  Film component of tax loss for 1989‑90 to 1996‑97 income years
  If you incurred a film loss for the purposes of former section 79F (Film losses of 1989‑90 to 1996‑97 years of income) of the Income Tax Assessment Act 1936 in any of the 1989‑90 to 1996‑97 income years, that film loss is the film component of your tax loss for that income year.

375‑110  Film loss for 1989‑90 or later income year
 (1) To work out your film loss (if any) for the purposes of the Income Tax Assessment Act 1997 for the 1989‑90 or a later income year, apply former section 375‑810 of that Act.
 (2) You can deduct in the 1997‑98 or a later income year your film loss for any of the 1989‑90 to 1996‑97 income