Document ID: chunk:federal_register_of_legislation:C2017C00211:clause:3_11
Version: federal_register_of_legislation:C2017C00211
Segment Type: clause
Provision Reference: sch 3 cl 11
Character Range: 34368–35331

11  Application of amendments
(1) Subject to subitems (2) and (3), the amendments made by this Schedule apply to a depreciating asset if:
 (a) the asset was first installed ready for use, for a taxable purpose, on or after the application day; or
 (b) the asset was first used, for a taxable purpose, on or after the application day, but was not installed ready for use prior to the application day.
(2) The amendments made by item 4 of this Schedule apply to an amount if the amount is included in the second element of the cost of a depreciating asset at any time on or after the application day.
(3) The amendments made by items 5 and 6 of this Schedule apply to assessments for the income year before the income year in which this Schedule commences, for the income year in which this Schedule commences or for a later income year.
(4) In this item:
application day means 1 January in the income year before the income year in which this Schedule commences.