Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 36.110

  (1)   If you incurred a loss for the purposes of section   80AA (Primary production losses of pre - 1990 years of income) of the Income Tax Assessment Act 1936 in any of the 1957 - 58 to 1988 - 89 income years, the loss is your tax loss for that income year, which is called a loss year . The loss is also called a primary production loss .

  (2)   You can deduct the tax loss in the 1997 - 98 or a later income year only to the extent that it has not already been deducted.

  (3)   You deduct your primary production losses (in the order in which you incurred them) before any other tax losses of the same or any other loss year, except film losses.

  (4)   A company cannot transfer any amount of a primary production loss for the 1983 - 84 or an earlier income year under Subdivision   170 - A (Transfer of tax losses within wholly - owned groups of companies) of the Income Tax Assessment Act 1997 .

  (5)   For the purposes of determining how much (if any) of a primary production loss you can deduct in the 1997 - 98 or a later income year, subsections   80AA(9), (10) and (11) of the Income Tax Assessment Act 1936 apply in the same way as they apply for the purposes they refer to.

Table of Subdivisions

40 - B   Core provisions

40 - BA   Backing business investment

40 - BB   Temporary full expensing of depreciating assets

40 - C   Cost

40 - D   Balancing adjustments

40 - E   Low - value and software development pools

40 - F   Primary production depreciating assets

40 - G   Capital expenditure of primary producers and other landholders

40 - I   Capital expenditure that is deductible over time

40 - J   Ships depreciated under section   57AM of the Income Tax Assessment Act 1936

Table of sections

40 - 10   Plant

40 - 12   Plant acquired after 30   June 2001

40 - 13   Accelerated depreciation for split or merged plant

40 - 15   Recalculating effective life

40 - 20   IRUs

40 - 25   Software

40 - 30   Spectrum licences

40 - 33   Datacasting transmitter licences

40 - 35   Mining unrecouped expenditure

40 - 37   Post - 30   June 2001 mining expenditure

40 - 38   Mining cash bidding payments

40 - 40   Transport expenditure

40 - 43   Post - 30   June 2001 transport expenditure

40 - 44   No additional decline in certain cases

40 - 45   Intellectual property

40 - 47   IRUs

40 - 50   Forestry roads and timber mill buildings

40 - 55   Environmental impact assessment

40 - 60   Pooling under Subdivision   42 - L of the former Act

40 - 65   Substituted accounting periods

40 - 67   Methods for working out decline in value

40 - 70   References to amounts deducted and reductions in deductions

40 - 72   New diminishing value method not to apply in some cases

40 - 75   Mining expenditure incurred after 1   July 2001 on an asset

40 - 77   Mining, quarrying or prospecting rights or information held before 1   July 2001

40 - 80   Other expenditure incurred after 1   July 2001 on a depreciating asset

40 - 100   Commissioner's determination of effective life

40 - 105   Calculations of effective life