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New Business Tax System (Capital Allowances—Transitional and Consequential) Act 2001
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Department of the Treasury
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C2004C01190
30 June 2001
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1 Short title
2 Commencement
3 Schedule(s)
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Schedule 1—Transitional provisions
Income Tax (Transitional Provisions) Act 1997
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Division 40—Capital allowances
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Subdivision 40-B—Core provisions
40-10 Plant
40-12 Plant acquired after 30 June 2001
40-15 Recalculating effective life
40-20 IRUs
40-25 Software
40-30 Spectrum licences
40-33 Datacasting transmitter licences
40-35 Mining unrecouped expenditure
40-40 Transport expenditure
40-45 Intellectual property
40-50 Forestry roads and timber mill buildings
40-55 Environmental impact assessment
40-60 Pooling under Subdivision 42-L of the former Act
40-65 Substituted accounting periods
40-70 References to amounts deducted and reductions in deductions
40-75 Mining expenditure incurred after 1 July 2001 on an asset
40-77 Mining, quarrying or prospecting rights or information held before 1 July 2001
40-80 Other expenditure incurred after 1 July 2001 on a depreciating asset
40-85 Excess deductions
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Subdivision 40-C—Cost
40-230 Car limit
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Subdivision 40-D—Balancing adjustments
40-285 Balancing adjustments
40-290 Reduction of deductions under former Act etc.
40-295 Later year relief
40-340 Roll-overs
40-345 Balancing adjustments for depreciating assets that retain CGT indexation
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Subdivision 40-E—Low-value and software development pools
40-420 Low-value pools under Division 42 continue
40-425 Allocating depreciating assets to low-value pools
40-450 Software development pools
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Subdivision 40-F—Primary production depreciating assets
40-515 Water facilities, grapevines and horticultural plants
40-520 Special rule for water facilities you no longer hold
40-525 Amounts deducted for water facilities
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Subdivision 40-G—Capital expenditure of primary producers and other landholders
40-645 Electricity supply and telephone lines
40-650 Special rule for land that you no longer hold
40-670 Farm consultants
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Subdivision 40-I—Capital expenditure that is deductible over time
40-825 Genuine prospectors
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Schedule 2—General consequential amendments
Airports (Transitional) Act 1996
49B Special rules for fixtures that are depreciating assets—Income Tax Assessment Act 1997
50B Acquisition of depreciating asset from the Commonwealth—Division 40 of the Income Tax Assessment Act 1997
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51B Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997
A New Tax System (Goods and Services Tax) Act 1999
A New Tax System (Luxury Car Tax) Act 1999
Bounty and Capitalisation Grants (Textile Yarns) Act 1981
Bounty (Computers) Act 1984
Bounty (Machine Tools and Robots) Act 1985
Defence Act 1903
Income Tax Assessment Act 1936
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Subdivision 57-N—Division not applicable in respect of certain plant
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57-130 Plant or depreciating assets covered by Subdivision 58-B of the Income Tax Assessment Act 1997
Income Tax Assessment Act 1997
15-40 Providing mining, quarrying or prospecting information
17-35 Certain sections not to apply to certain assets or expenditure
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Subdivision 27-A—General
27-35 Certain sections not to apply to certain assets or expenditure
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Subdivision 27-B—Division 40
27-80 Cost or opening adjustable value of depreciating assets reduced for input tax credits
27-85 Cost or opening adjustable value of depreciating assets reduced: decreasing adjustments
27-87 Certain decreasing adjustments included in assessable income
27-90 Cost or opening adjustable value of depreciating assets increased: increasing adjustments
27-92 Certain increasing adjustments can be deducted
27-95 Balancing adjustment events
27-100 Pooling
27-105 Other Division 40 expenditure
27-110 Input tax credit etc. relating to 2 or more things
28-30 Capital allowances
28-55 Capital allowances
43-45 Certain anti-avoidance provisions
43-72 Meaning of forestry road, timber operation and timber mill building
45-40 Meaning of plant and written down value
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Division 58—Capital allowances for depreciating assets previously owned by an exempt entity
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Guide to Division 58
58-1 What this Division is about
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Subdivision 58-A—Application
58-5 Application of Division
58-10 When an asset is acquired in connection with the acquisition of a business
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Subdivision 58-B—Calculating decline in value of privatised assets under Division 40
58-60 Purpose of rules in this Subdivision
58-65 Choice of method to work out cost of privatised asset
58-70 Application of Division 40
58-75 Meaning of notional written down value
58-80 Meaning of undeducted pre-existing audited book value
58-85 Pre-existing audited book value of depreciating asset
58-90 Method for transition entity
104-235 Balancing adjustment events for depreciating assets: CGT event K7
104-240 Working out capital gain or loss for CGT event K7: general case
104-245 Working out capital gain or loss for CGT event K7: pooled assets
108-60 Depreciating asset that is part of a building is a separate asset
118-24 Depreciating assets
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Subdivision 124-K—Depreciating assets
124-655 Roll-over for depreciating assets
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Subdivision 138-B—Value shifts involving depreciating asset that is plant: reductions of direct interests
138-370 Condition for applying this Division to depreciating asset group
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900-120 Written evidence of depreciating asset expense
Income Tax Rates Act 1986
Social Security Act 1991
Veterans’ Entitlements Act 1986
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Schedule 3—Taxation Laws Amendment Act (No. 1) 2001
Taxation Laws Amendment Act (No. 1) 2001