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Q and A: Uniform Capital Allowances


The New Business Tax System (Capital Allowances) Act 2001 No. 76 of 2001 and New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001 No. 77 of 2001 received Royal Assent on 30 June 2001 and became effective from 1 July 2001. This article answers a number of common questions asked by practitioners regarding the new general depreciation rules (formerly Div 42 of the Income Tax Assessment Act 1997 (1997 Act), the new low value pool and black hole expense initiatives. References are to the provisions of the 1997 Act following the amendments, unless otherwise stated or the context requires.

Author profile

Ronald Jorgensen CTA
Ron principally consults on Commonwealth and State tax laws, tax dispute resolution and compliance enforcement. Ron specialises in trusts and trust disputes, succession and asset protection, business and investment structuring and tax sensitive commercial and property transactions. Ron is an Accredited Specialist Tax Law and member of the Tax Law Advisory Committee with the Law Institute of Victoria. He is a member of the Property and Commercial Law Committee of the Law Society of Tasmania. Ron is a Chartered Tax Advisor and member and former chair of the States Taxes Committee (Vic) of The Tax Institute. Ron was recognised by Doyle’s Guide Leading Tax Lawyer - Victoria for 2015 to 2021 and Best Lawyers for tax law - Australia 2021 and Global 2021. - Current at 16 July 2021
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