Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)

Schedule 3   Rural water use

Income Tax Assessment Act 1997

5   Subsection 40-515(3)

Repeal the subsection, substitute:

Limit on deduction

(3) You cannot deduct more in total than:

(a) for a *water facility - the amount of capital expenditure (disregarding expenditure that you cannot deduct because of section 26-100 (about water infrastructure improvement expenditure)) incurred on the facility; or

(b) for a *horticultural plant - the amount of capital expenditure incurred on the plant.