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Tax Laws Amendment (Budget Measures) Bill 2008

Schedule 2 In-house software

   

Income Tax Assessment Act 1997

1  Subsection 40-95(7) (table item 8)

Omit “2 1 / 2 years”, substitute “4 years”.

2  Application

The amendment made by item 1 applies to in-house software that:

                     (a)  you start to hold under a contract entered into after 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 2008; or

                     (b)  you developed, where the development started after that time; or

                     (c)  you start to hold in some other way after that time.