Document ID: chunk:federal_register_of_legislation:C2025C00029:section:6:p2
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 6 (pt 2/2)
Character Range: 981452–982957

for use.
 (2) The amount that you can deduct in the *current year is:
 (a) the total of your expenditure on the *in‑house software in the current year and any previous income year; less
 (b) any amount of consideration you *derive in relation to the software or any part of it (but no more than the total in paragraph (a));
but only to the extent that, when you incurred the expenditure, you intended to use the software, or have it *installed ready for use, for a *taxable purpose.
Example: Shannon has abandoned a software project that she was working on. She could not deduct expenditure on the project for the current year or any previous income year under any other provision. Shannon can deduct it under this section, to the extent that she intended to use it, or have it installed ready for use, for a taxable purpose.
Note: If an amount of the expenditure is recouped, the amount may be included in her assessable income: see Subdivision 20‑A.

40‑340  Roll‑over relief

Automatic roll‑over relief
 (1) There is roll‑over relief if:
 (a) there is a *balancing adjustment event because an entity (the transferor) disposes of a *depreciating asset in an income year to another entity (the transferee); and
 (b) the disposal involves a *CGT event; and
 (c) the conditions in an item in this table are satisfied.

CGT roll‑overs that qualify transferor for relief
Item                                               Type of CGT roll‑over                                                       Conditions