Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 43.10

  (1)   You can deduct an amount for capital works for an income year.

  (2)   You can only deduct the amount if:

  (a)   the capital works have a * construction expenditure area; and

  (b)   there is a * pool of construction expenditure for that area; and

  (c)   you use * your area in the income year in the way set out in Table 43 - 140 (Current year use).

Note 1:   The deduction is limited to capital works to which this Division applies, see section   43 - 20.

Note 2:   Amongst other things, the definition of your area ensures that only owners and certain lessees of capital works, and certain holders of quasi - ownership rights over land on which capital works are constructed, can deduct an amount under this Division.