Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1993No. 18, 1993 - SECT 49

49. Section 570 of the Principal Act is amended:

   (a)  by omitting from subsection (1) "If" and substituting "Subject to
        subsection (1A), if";

   (b)  by inserting after subsection (1) the following subsection:

"(1A) If:

   (a)  the accounts of the FIF in respect of one or more accounting periods
        include an amount in respect of the amortisation of the expenditure
        incurred in the acquisition of a class of property prescribed for the
        purposes of subparagraph (1) (a) (iii); and

   (b)  the regulations prescribing the class also prescribe a percentage as
        the annual amortisation percentage in relation to the class, or a
        category of property included in the class; then subsection (1) must
        be applied, in relation to each notional accounting period that is
        appropriate, as if the accounts had amortised the expenditure in
        relation to the class or the category on the basis of the prescribed
        annual amortisation percentage.".