Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 40.20

  (1)   This section applies to you if:

  (a)   you have deducted or can deduct an amount for an IRU under Division   44 of the former Act or you would have been able to deduct an amount for it under that Division if you had used it for the purpose of producing assessable income before 1   July 2001; and

  (b)   you hold the IRU at 1   July 2001.

  (2)   Division   40 of the new Act applies to the IRU on this basis:

  (a)   you use the cost, effective life and method you were using under Division   44 of the former Act or that you would have used if you had used the IRU for the purpose of producing assessable income before 1   July 2001; and

  (b)   the amount that was your undeducted cost of the IRU at the end of 30   June 2001 becomes the IRU's opening adjustable value.

Note:   There are special rules for entities that have substituted accounting periods: see section   40 - 65.