Document ID: chunk:federal_register_of_legislation:C2014C00703:clause:3_25
Version: federal_register_of_legislation:C2014C00703
Segment Type: clause
Provision Reference: sch 3 cl 25
Character Range: 152626–153229

25  Subsection 40‑425(8)
Repeal the subsection, substitute:

Exception: R&D
 (8) You cannot allocate a *depreciating asset to a low‑value pool if you are entitled under section 355‑100 to a *tax offset for a deduction under section 355‑305 for the asset for an income year starting before, or at the same time as, the allocation has effect.
Note: A similar rule applies if you deducted or could have deducted amounts under former 73BA of the Income Tax Assessment Act 1936 (see section 40‑430 of the Income Tax (Transitional Provisions) Act 1997).

Part 4—Capital works

Income Tax Assessment Act 1997