Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 43.10

             (1)  You can deduct an amount for capital works for an income year.

             (2)  You can only deduct the amount if:

                     (a)  the capital works have a * construction expenditure area; and

                     (b)  there is a * pool of construction expenditure for that area; and

                     (c)  you use * your area in the income year in the way set out in Table 43-140 (Current year use).

Note 1:       The deduction is limited to capital works to which this Division applies, see section 43-20.

Note 2:       Amongst other things, the definition of your area ensures that only owners and certain lessees of capital works, and certain holders of quasi-ownership rights over land on which capital works are constructed, can deduct an amount under this Division.