Document ID: chunk:federal_register_of_legislation:C2025C00014:section:159gj:p5
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 159GJ (pt 5/7)
Character Range: 1384546–1387154

residual amount at that time in relation to the amount of expenditure under subsection 159GF(4) reduced by an amount equal to the total notional principal in relation to the amount of expenditure in relation to the application period and any prior application period; and
 (c) for the purposes of the application of section 40‑830 of the Income Tax Assessment Act 1997, for a project amount that is transport capital expenditure within the meaning of that Act, in relation to an amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10AAA property for any year of income after the year of income in which this Division ceases to apply—it is taken to be a requirement of that section that the deduction allowable under that section in respect of the amount of expenditure does not exceed the residual amount in relation to the amount of expenditure as worked out in accordance with paragraph (b).
 (4) Where this Division applies in relation to an item of Division 10C or 10D property:
 (a) in relation to any year of income the whole of which is included in or comprises the application period—no deduction shall be allowable to any taxpayer under Division 43 of the Income Tax Assessment Act 1997, in relation to any amount of expenditure by reason of which the item is Division 10C or 10D property for that year of income;
 (b) in relation to any other year of income in which the whole or a part of the application period occurs:
 (i) in relation to any part (in this subsection referred to as the pre‑application part) of the year of income that precedes the application period—there shall be allowable to the taxpayer as a deduction under Division 43 of the Income Tax Assessment Act 1997 in relation to an amount of expenditure by reason of which the item is Division 10C or 10D property:
 (A) where this Division has not previously applied in relation to the amount of expenditure—the same deduction (if any) as would, apart from this Division, be allowable under that Division; and
 (B) in any other case—the same deduction (if any) as would, but for this application of this section, be allowable under that Division;
 (ii) in relation to the part of the year of income during which this Division applies—no deduction shall be allowable to any taxpayer under Division 43 of the Income Tax Assessment Act 1997 in relation to any amount of expenditure by reason of which the item is Division 10C or 10D property; and
 (iii) in relation to any part (in this subsection referred to as the post‑application part) of the year of income