INCOME TAX ASSESSMENT ACT 1997 - SECT 40.15 Objects of Division

INCOME TAX ASSESSMENT ACT 1997 - SECT 40.15

    The objects of this Division are:

  (a)   to allow you to deduct the * cost of a * depreciating asset; and

  (b)   to spread the deduction over a period that reflects the time for which the asset can be used to obtain benefits; and

  (c)   to provide deductions for certain other capital expenditure that is not otherwise deductible.

Note 1:   This Division does not apply to some depreciating assets: see section   40 - 45.

Note 2:   The application of this Division to a life insurance company is affected by sections   320 - 200 and 320 - 255.