Commonwealth Numbered Acts

Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT 20

20. (1) Section 122B of the Principal Act is amended by omitting paragraph (2)
(a) and substituting the following paragraph:

''(a) so much of the capital expenditure (other than expenditure on plant or
expenditure of a kind referred to in section 122J or in section 123AA of the
Income Tax Assessment Act 1936-1967) incurred by the vendor before the date of
the transaction in relation to the area that is the subject of the right or to
which the information relates as-

        (i)    to the extent to which that expenditure is not allowable (post
               19 July 1982) capital expenditure within the meaning of section
               122DG-would have been included in the residual previous capital
               expenditure, the residual capital expenditure, the residual (1
               May 1981 to 18 August 1981) capital expenditure or the residual
               (19 August 1981 to 19 July 1982) capital expenditure of the
               vendor as at the end of the year of income of the vendor during
               which the transaction occurred but for the transaction and any
               later transaction in relation to that area; and

        (ii)   to the extent to which that expenditure is allowable (post 19
               July 1982) capital expenditure within the meaning of section
               122DG-

                (A)  has not been allowed and is not allowable as a deduction
                     to the vendor under sub-section 122DG (2) in respect of a
                     year of income of the vendor preceding the year of income
                     during which the transaction occurred; and

                (B)  is attributable to an amount of expenditure incurred in
                     relation to that area that has not been taken into
                     account in determining an amount to be included in the
                     allowable capital expenditure of a person under paragraph
                     122A (1) (d) in respect of a transaction entered into
                     before the first-mentioned transaction;''.

(2) The amendment made by sub-section (1) applies to assessments in respect of
income of the year of income that commenced on 1 July 1980 and of all
subsequent years of income.