Document ID: chunk:federal_register_of_legislation:C2004C01190:clause:1_3:p3
Version: federal_register_of_legislation:C2004C01190
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 3/5)
Character Range: 55317–58067

income year in which 1 July 2001 occurs, step 3 of the method statement in subsection 40‑440(1) of the new Act applies to the pool closing balance, worked out under section 42‑470 of the former Act, for the income year before that year.

40‑425  Allocating depreciating assets to low‑value pools

  You can allocate a depreciating asset to a low‑value pool under section 40‑425 of the new Act if:
 (a) you hold the asset at the start of 1 July 2001; and
 (b) the conditions in subsection 42‑455(3) of the former Act are satisfied for the asset at the end of the previous income year.

40‑450  Software development pools

  Subsection 40‑450(2) of the new Act has effect as if the reference to expenditure being allocated to a software development pool included a reference to expenditure being allocated to a software pool under Division 46 of the former Act.

Subdivision 40‑F—Primary production depreciating assets

Table of sections

40‑515 Water facilities, grapevines and horticultural plants
40‑520 Special rule for water facilities you no longer hold
40‑525 Amounts deducted for water facilities

40‑515  Water facilities, grapevines and horticultural plants

 (1) This section applies to you if you have deducted or can deduct an amount under Division 387 of the former Act for an amount (the qualifying amount) of expenditure on any of these (the primary production asset):
 (a) the construction, manufacture, installation or acquisition of a water facility; or
 (b) the establishment of horticultural plants; or
 (c) the establishment of grapevines;
and you would have been able to deduct amounts for the qualifying amount for the income year in which 1 July 2001 occurs under the former Act if it had continued to apply.

 (2) Subdivision 40‑F of the new Act applies to the primary production asset on this basis:
 (a) the qualifying amount is taken to be:
 (i) for a water facility—the amount of capital expenditure you incurred on the construction, manufacture, installation or acquisition of the water facility; or
 (ii) for a horticultural plant or a grapevine—the amount of capital expenditure incurred that is attributable to the establishment of the plant or grapevine; and
 (b) for horticultural plants, you use the effective life determined under section 387‑175 of the former Act; and
 (c) amounts that have been deducted or can be deducted for the qualifying amount under the former Act or the Income Tax Assessment Act 1936 are taken to be a decline in value under Subdivision 40‑F of the new Act.

40‑520  Special rule for water facilities you no longer hold

 (1) This section applies to you if:
 (a) you have deducted or can deduct an amount under Division 387 of the former Act for an amount (the qualifying amount) of