Published on 22 Mar 00
by VICTORIAN DIVISION, THE TAX INSTITUTE
A number of amendments were introduced into legislation with the passing of New Business Tax System (Capital Allowances) Bill 1999, which was given Royal Assent on 10 December 1999.The amendments include:Removal of plant and equipment from the CGT regime. Balancing adjustments to be fully included in assessable income. Removal of the option to offset the balancing charges on disposals of plant. Replacement of the current CGT roll-over relief in relation to involuntary disposals.Removal of accelerated depreciation. Replacement of $300 limit with a low value pool for assets costing less than $1,000. Amends the rules in determining the effective life of an item of plant.This paper summarises these amendments in light of the Ralph Review.
- Current at
19 November 2004