Commonwealth Numbered Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 No. 40 of 1997 - SECT 330.5

(1) If:

   (a)  in the 1996-97 income year or an earlier income year you incurred
        allowable capital expenditure of the kind referred to in subsection
        122DG(1), 122JE(1) or 124ADG(1) of the Income Tax  Assessment Act 1936
        (old capital expenditure); and

   (b)  at the end of the 1996-97 income year an amount of that expenditure is
        unrecouped (worked out under subsection 122DG(4), 122JE(3) or
        124ADG(4) of that Act (as appropriate)); that amount is taken to be
        allowable capital expenditure incurred by you in the 1997-98 income
        year (new ACE).

(2) In working out how much of that new ACE is deductible for the 1997-98
income year or a later income year, the calculation (under paragraph
330-100(2)(a), (3)(a) or (4)(a) of the Income Tax Assessment  Act 1997 ) of
the years remaining is affected.

(3) Take away from the number you get after doing that calculation the number
of income years before the 1997-98 income year for which you deducted or,
apart from the operation of subsection 122DG(6), 122JE(5) or 124ADG(6) of the
Income Tax Assessment Act 1936 (as appropriate) would have deducted, an amount
in respect of that old capital expenditure.