Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:6_2:p4
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 6 cl 2 (pt 4/10)
Character Range: 589396–592079

that would apply under paragraph (a) or (b) to the transferor and earlier successive transferors.

 (3) Also, the references in sections 42-30, 42-190 and 42-240 of the 1997 Act to amounts you have deducted or can deduct for depreciation of the plant are taken to include an amount that is taken by subsection 59(2E) of the 1936 Act to be depreciation allowed for the plant because of paragraph 59(2A)(a) or (b) or subsection 59(2D) of that Act.

[The next section is section 42-18.]

42-18  Meaning of plant

 (1) Paragraph 42-18(1)(d) of the 1997 Act applies to structural improvements completed after 30 June 1963.

 (2) Paragraph 42-18(1)(e) of the 1997 Act applies to structural improvements completed after 30 June 1958.

[The next section is section 42-45.]

42-45  Exclusions

  The reference in subsection 42-45(1) of the 1997 Act to an amount that has been or can be deducted for plant under Subdivision 387‑A or 387‑B of that Act includes a reference to an amount that:
 (a) has been or can be deducted for the plant under section 75B or 75D of the 1936 Act; or
 (b) would have been so deducted or deductible apart from subsection 75B(4) or 75D(4) of the 1936 Act.

42-48  Debt forgiveness: amounts deducted for depreciation

 (1) Section 42-48 of the 1997 Act applies to debts forgiven after the beginning of your 1997-98 income year.

 (2) An amount you applied in reduction of deductible expenditure (within the meaning of Division 245 of Schedule 2C to the Income Tax Assessment Act 1936) for plant under section 245-155 of that Schedule for a debt forgiven before the beginning of your 1997-98 income year is taken to be an amount you have deducted under the old depreciation provisions for depreciation of the plant.

[The next section is section 42-70.]

42-70  Adjustment: acquiring a car at a discount

  The reference in paragraph 42-70(1)(c) of the 1997 Act to section 42-345 of that Act includes a reference to section 57AF of the 1936 Act.

[The next section is section 42-80.]

42-80  Adjustment: car depreciation limit

  If you:
 (a) have a substituted accounting period; and
 (b) acquire a car designed mainly for carrying passengers in your 1997-98 income year but before 1 July 1997;
you must use the car depreciation limit for the car that is fixed for the 1996-97 financial year under section 57AF of the 1936 Act.

[The next section is section 42-90.]

42-90  Adjustment: previously depreciated plant limit

 (1) The reference in subsection 42-90(1) of the 1997 Act to an amount that has been deducted or can be deducted for depreciation of plant includes a reference to an amount that has been deducted or can be deducted for it under the