INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 387 - Capital allowances for primary producers and some land-holders  

Subdivision 387-C - Establishing horticultural plants  

SECTION 387-195 (ARCHIVE)   Treatment of deductions under Division 10F of Part III of the Income Tax Assessment Act 1936  

387-195(1)    
In applying subsection 387-195(2) of the Income Tax Assessment Act 1997 to work out whether you can deduct an amount under Subdivision 387-C of that Act for expenditure on establishing a horticultural plant, disregard any amount deducted or deductible under Division 10F of Part III of the Income Tax Assessment Act 1936 .

Note:

This ensures that you can deduct amounts for the 1998-99 income year and later income years under Subdivision 387-C of the Income Tax Assessment Act 1997 for expenditure on establishing a horticultural plant, even if an entity did or can deduct amounts for one or more income years before the 1998-99 income year under Division 10F of Part III of the Income Tax Assessment Act 1936 for the expenditure.

387-195(2)    
Subdivision 387-C of the Income Tax Assessment Act 1997 does not affect a deduction, or an entitlement to a deduction, under Division 10F of Part III of the Income Tax Assessment Act 1936 for the 1997-98 income year or an earlier income year.