Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 43.240

Step 1 Calculate for each day in the use period the amount worked out using
the formula:
your CE x applicable rate
365 where:
your CE is *your construction expenditure.
applicable rate is:

   (a)  0.04 if the capital works began after 21 August 1984 and before 16
        September 1987; or

   (b)  0.025 in any other case. Note: For the purpose of working out the
        applicable rate, capital works begun after 15 September 1987 are taken
        to have begun before 16 September 1987 in certain circumstances. See
        section 43- 220.

Step 2 Deduct the sum of the amounts amount calculated under Step 1 from *your
construction expenditure. The result is the undeducted construction
expenditure for *your area.