Commonwealth Numbered Acts

Income Tax Assessment Amendment Act (No. 3) 1984 No. 47 of 1984 - SECT 48

48. Section 123A of the Principal Act is amended by inserting after
sub-section (1D) the following sub-sections:

''(1E) This Division does not apply, in relation to a taxpayer, to capital
expenditure incurred by the taxpayer by way of contribution to capital
expenditure of a prescribed body on railway rolling-stock unless the capital
expenditure is incurred by the taxpayer after 9 March 1984.

''(1F) Where-

   (a)  on or before 9 March 1984, a person incurred an amount of capital
        expenditure (in this sub-section referred to as the 'original
        expenditure') by way of contribution to the capital expenditure or
        proposed capital expenditure of a prescribed body on railway
        rolling-stock;

   (b)  after that date a taxpayer (whether or not the person referred to in
        paragraph (a)) incurred or incurs an amount of capital expenditure (in
        this sub-section referred to as the 'substituted expenditure') by way
        of contribution to the capital expenditure of a prescribed body on
        railway rolling-stock; and

   (c)  the Commissioner is of the opinion that-

        (i)    the substituted expenditure was incurred by the taxpayer in
               lieu of the original expenditure; and

        (ii)   the taxpayer incurred the substituted expenditure for the
               purpose, or for purposes that included the purpose, of
               obtaining a deduction under this Division, the Commissioner may
               refuse to allow a deduction under this Division in respect of
               the substituted expenditure.

''(1G) A reference in sub-section (1F) to an amount of capital expenditure
shall be read as including a reference to a part of an amount of capital
expenditure.''.