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  Miscellaneous 2001

Q and A: Uniform Capital Allowances

Source: Taxation In Australia Journal Article

Published Date: 1 Aug 2001

 
The New Business Tax System (Capital Allowances) Act 2001 No. 76 of 2001 and New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001 No. 77 of 2001 received Royal Assent on 30 June 2001 and became effective from 1 July 2001. This article answers a number of common questions asked by practitioners regarding the new general depreciation rules (formerly Div 42 of the Income Tax Assessment Act 1997 (1997 Act), the new low value pool and black hole expense initiatives. References are to the provisions of the 1997 Act following the amendments, unless otherwise stated or the context requires.
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