Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:11_1:p4
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 11 cl 1 (pt 4/8)
Character Range: 684010–686820

of the Income Tax Assessment Act 1997
387‑410 Disregarding deductions under section 70 of the Income Tax Assessment Act 1936
387‑415 Saving of deductions under section 70 of the Income Tax Assessment Act 1936

387‑400  Application of Subdivision 387‑F of the Income Tax Assessment Act 1997

  Subdivision 387‑F of the Income Tax Assessment Act 1997 applies to assessments for the 1997-98 income year and later income years, in relation to capital expenditure on a telephone line, regardless of when it was incurred.

[The next section is section 387‑410.]

387‑410  Disregarding deductions under section 70 of the Income Tax Assessment Act 1936

 (1) In applying subsection 387‑410(1) of the Income Tax Assessment Act 1997 to work out whether you can deduct an amount under Subdivision 387‑F of that Act for your expenditure, disregard any amount that you have deducted, or can deduct, for that expenditure under section 70 of the Income Tax Assessment Act 1936.

Note: This ensures that you can deduct amounts under Subdivision 387‑F of the Income Tax Assessment Act 1997 for the 1997-98 income year and later income years, even if you did or can deduct amounts for your expenditure under section 70 of the Income Tax Assessment Act 1936 for one or more income years before the 1997-98 income year.

 (2) Disregard an amount deducted or deductible for any income year under section 70 of the Income Tax Assessment Act 1936 for capital expenditure on a part of a telephone line by an entity that worked on installing that part, when applying subsection 387‑410(2) of the Income Tax Assessment Act 1997 to work out whether you can deduct an amount under that Subdivision.

Note: This helps prevent deductions by different entities for capital expenditure on the same part of a telephone line.

387‑415  Saving of deductions under section 70 of the Income Tax Assessment Act 1936

  Subdivision 387‑F of the Income Tax Assessment Act 1997 does not affect a deduction, or an entitlement to a deduction, under section 70 of the Income Tax Assessment Act 1936 for the 1996-97 income year or an earlier income year.

Subdivision 387‑G—Forestry roads and timber mill buildings

Table of sections

387‑450 Application of Subdivision 387‑G of the Income Tax Assessment Act 1997
387‑470 Expenditure incurred before the 1997-98 income year
387‑472 Treatment of deductions for income years before 1997-98
387‑485 How the balancing adjustment is affected if there has only been old roll-over relief
387‑505 Application of Common rule 1 to disposal of road or building under new law
387‑507 Transitional provision for certain non-arm's length transactions

387‑450  Application of Subdivision 387‑G of the Income Tax Assessment Act 1997

  Subdivision 387‑G of the Income Tax Assessment Act 1997 applies to assessments