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Draft Taxation Ruling TR 98/D5: Income Tax: Deductibility of Year 2000 (Millennium Bug) Expenses

Published on 01 Jul 98 by THE TAX INSTITUTE

Comments by the Taxation Institute of Australia, the Institute of Chartered Accountants in Australia, the Australian Society of CPAs and the Australian Taxpayers' Association in relation to Draft Taxation Ruling TR 98/D5: Income Tax: Deductibility of Year 2000 (Millennium Bug) Expenses 1. Paragraphs 1-2 should refer to the proposed Budget announcement to extend the class of expenditure immediately deductible to also include: Expenditure on acquiring new software (including upgrades) orsubstantially rebuilding current software which has the predominant nature of ensuring Y2K compliance, provided that such expenditure is incurred up to 31 December 1999.

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TAX POLICY & RESEARCH DIVISION

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