Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (FOREIGN TAX CREDITS) ACT 1986 No. 51 of 1986 - SECT 34

34. (1) This section applies to property in respect of which depreciation is
allowable to a taxpayer under section 54 of the Principal Act, being property
which, on 1 July 1987, is owned by the taxpayer and used, or installed ready
for use, by the taxpayer for the purpose of producing income that would be
exempt income but for the amendments made by this Part.

(2) For the purposes of the provisions of the Principal Act relating to
depreciation, the cost of a unit of property to which this section applies
shall be deemed to be the amount that would have been the depreciated value,
ascertained in accordance with section 62 of that Act, of that unit on 1 July
1987 if the unit had, during the whole of the period from the time of its
acquisition by the taxpayer to that date, been used by the taxpayer wholly for
the purpose of producing assessable income and depreciation had been allowed
to the taxpayer, during that period, by way of a percentage of the depreciated
value of the unit at the beginning of each year of income.