Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 40.555

Water facilities

  (1)   You cannot deduct an amount for any income year for capital expenditure on the acquisition of a * water facility if any entity has deducted or can deduct an amount under this Subdivision for any income year for earlier capital expenditure on:

  (a)   the construction or manufacture of the facility; or

  (b)   a previous acquisition of the facility.

Note:   A depreciating asset and a repair of a capital nature or an alteration, addition or extension to that asset that is a water facility are not the same depreciating asset for the purposes of section   40 - 50 and this Subdivision: see section   40 - 53.

Horticultural plants

  (3)   In working out your deduction under this Subdivision for a * horticultural plant, disregard expenditure incurred:

  (a)   in draining swamp or low - lying land; or

  (b)   in clearing land.

Fodder storage assets

  (4)   You cannot deduct an amount for any income year for capital expenditure on the acquisition of a * fodder storage asset if any entity has deducted or can deduct an amount under this Subdivision for any income year for earlier capital expenditure on:

  (a)   the construction or manufacture of the asset; or

  (b)   a previous acquisition of the asset.

Note:   A depreciating asset and a repair of a capital nature or an alteration, addition or extension to that asset that is a fodder storage asset are not the same depreciating asset for the purposes of section   40 - 50 and this Subdivision: see section   40 - 53.

Fencing assets

  (5)   You cannot deduct an amount for any income year for capital expenditure on the acquisition of a * fencing asset if any entity has deducted or can deduct an amount under this Subdivision for any income year for earlier capital expenditure on:

  (a)   the construction or manufacture of the fencing asset; or

  (b)   a previous acquisition of the fencing asset.

Note:   A depreciating asset and a repair of a capital nature or an alteration, addition or extension to that asset that is a fencing asset are not the same depreciating asset for the purposes of section   40 - 50 and this Subdivision: see section   40 - 53.

  (6)   You cannot deduct an amount for any income year for capital expenditure on a * fencing asset to the extent that any entity has deducted or can deduct the amount under subsection   40 - 630(1) (about landcare operations).

  (7)   You cannot deduct an amount for any income year for capital expenditure on a * fencing asset if the fencing asset is (or is a repair, alteration, addition or extension to):

  (a)   a stockyard or pen; or

  (b)   a portable fence.