Income Tax (Transitional Provisions) Act 1997

For disposals of plant or interests in plant on or after 22 February 1999 and before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999, Division 45 of the Income Tax Assessment Act 1997 applies with the modifications specified in this section.

That Division applies as if subsection 45‑5(2) were replaced by this provision:

The amount included is the lesser of:

the excess referred to in paragraph (1)(e); and

the amounts you have deducted or can deduct for depreciation of the plant or, if you disposed of an interest in the plant, so much of those amounts as is attributable to that interest.

That Division applies as if paragraph 45‑5(5)(a) were replaced by this provision:

it is included in that assessable income under a provision of this Act outside this Division and Parts 3‑1 and 3‑3 (about capital gains and losses); or

That Division applies as if subsection 45‑10(2) were replaced by this provision:

The amount included is the lesser of:

the excess referred to in paragraph (1)(f); and

that part of the amounts the partnership has deducted or can deduct for depreciation of the plant that has been or would be reflected in your interest in the partnership net income or partnership loss (your partnership amount) or, if you disposed of part of your interest in the plant, so much of your partnership amount as is attributable to that part of that interest.

That Division applies as if paragraph 45‑10(5)(a) were replaced by this provision:

it is included in that assessable income under a provision of this Act outside this Division and Parts 3‑1 and 3‑3 (about capital gains and losses); or

That Division applies as if this section were added at the end of that Division: