INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 10D - Deductions for capital expenditure on certain buildings and structural improvements  

SECTION 124ZFC   DIVISION HAS EFFECT AS IF CERTAIN ENVIRONMENT PROTECTION EARTHWORKS WERE BUILDINGS  

124ZFC(1)   Earthworks to which this section applies.  

This section applies to an earthwork if:

(a) the earthwork was constructed as the result of carrying out an eligible environment protection activity in relation to any taxpayer (within the meaning of section 82BM ); and

(b) the earthwork can be economically maintained in reasonably good order and condition for an indefinite period; and

(c) the earthwork is not integral to the construction of a building.

124ZFC(2)   Earthworks deemed to be buildings.  

This Division has effect as if the earthwork were a building.

124ZFC(3)   Application.  

This section applies in relation to expenditure incurred on or after 19 August 1992 in respect of the construction of an earthwork, or an extension, alteration or improvement to an earthwork.