Commonwealth Numbered Acts

Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT 25

25. Section 122DE of the Principal Act is amended-

   (a)  by omitting sub-section (1) and substituting the following
        sub-section:

''(1) For the purposes of this Division, but subject to sub-section (2), the
residual (19 August 1981 to 19 July 1982) capital expenditure of a taxpayer as
at the end of a year of income (in this section referred to as the 'relevant
year of income') shall be ascertained by deducting from the amount of
allowable capital expenditure incurred by the taxpayer after 18 August 1981
and before the end of the relevant year of income, being-

   (a)  expenditure incurred on or before 19 July 1982; or

   (b)  expenditure incurred after 19 July 1982-

        (i)    under a contract entered into on or before 19 July 1982; or

        (ii)   in respect of the construction of property by the taxpayer
               where that construction commenced on or before 19 July 1982,

but not being-

   (c)  expenditure incurred under a contract entered into on or before 18
        August 1981; or

   (d)  expenditure incurred in respect of the construction of property by the
        taxpayer where that construction commenced on or before 18 August
        1981,

the sum of-

   (e)  any part of that allowable capital expenditure that-

        (i)    has been allowed or is allowable as a deduction under section
               122DF from the assessable income of a year of income preceding
               the relevant year of income; or

        (ii)   was incurred on property (not being property in respect of
               which a notice has been duly given to the Commissioner under
               section 122B by the taxpayer and a person who acquired the
               property from the taxpayer)-

                (A)  that has been disposed of, lost or destroyed; or

                (B)  the use of which by the taxpayer for prescribed purposes
                     has been otherwise terminated,

and has not been allowed and is not allowable as a deduction from the
assessable income of any year of income that ended before the year of income
in which the disposal, loss, destruction or termination of use took place; and

   (f)  so much of any amounts specified in notices duly given to the
        Commissioner under section 122B in relation to the acquisition from
        the taxpayer, during the relevant year of income or a preceding year
        of income, of a mining or prospecting right or mining or prospecting
        information as is attributable to expenditure that would, but for this
        paragraph, be included in the residual (19 August 1981 to 19 July
        1982) capital expenditure of the taxpayer as at the end of the
        relevant year of income.''; and

   (b)  by omitting from sub-section (2) ''(1) (c) (ii) (B) has, after 18
        August 1981,'' and substituting ''(1) (e) (ii) (B) has, after 18
        August 1981 and on or before 19 July 1982,''.