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.
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.