Other expenditure incurred after 1 July 2001 on a depreciating asset
40-80 Other expenditure incurred after 1 July 2001 on a depreciating asset
This section applies to you if:
you incur expenditure after 30 June 2001 that forms part of the cost of a depreciating asset; and
the depreciating asset is one that you:
started to hold under a contract entered into before 1 July 2001; or
constructed where the construction started before that day; or
started to hold in some other way before that day; and
if you had incurred the expenditure before 1 July 2001, and had satisfied any relevant requirement for deductibility, you would have been able to deduct an amount for it under Division 44, 373 or 380, or Subdivision 46‑B or 387‑G, of the former Act.
Subdivision 40‑B of the new Act applies to the asset on the basis that it has a cost, and an adjustable value, of zero at the start of 1 July 2001.
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