Q and A: Uniform Capital Allowances
Publication date: 01 Aug 01
Source: "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
Abstract:
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.
Author profile:
Ronald Jorgensen FTIA
Ron is a Principal of Harwood Andrews Lawyers and primarily consults on federal and state revenue laws and revenue litigation. Ron also advises in respect of business structuring, tax sensitive commercial transactions and property developments. He is a member of numerous technical and advisory taxation committees with the Taxation Institute and the Law Institute of Victoria. Ron holds a Master of Laws (Taxation) and is a LIV Accredited Specialist in Tax Law.
Current at 01 March 2012
Click here to expand/collapse more articles by Ron JORGENSEN.
Ron is a Principal of Harwood Andrews Lawyers and primarily consults on federal and state revenue laws and revenue litigation. Ron also advises in respect of business structuring, tax sensitive commercial transactions and property developments. He is a member of numerous technical and advisory taxation committees with the Taxation Institute and the Law Institute of Victoria. Ron holds a Master of Laws (Taxation) and is a LIV Accredited Specialist in Tax Law.
Current at 01 March 2012
Click here to expand/collapse more articles by Ron JORGENSEN.
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