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-A - Landcare operations  

SECTION 387-80 (ARCHIVE)   Transitional provision for approved management plans  

387-80(1)    
An approved land management plan under section 75D of the Income Tax Assessment Act 1936 is taken to be an approved management plan for the purposes of Subdivision 387-A of the Income Tax Assessment Act 1997 also.

Note:

This means that you can deduct amounts for capital expenditure in the 1997-98 income year or a later income year on fencing under an approved management plan that was prepared or approved before the 1997-98 income year.

387-80(2)    
An approved management plan for the purposes of Subdivision 387-A of the Income Tax Assessment Act 1997 also has effect as if it were an approved land management plan under section 75D of the Income Tax Assessment Act 1936.

Note:

This allows an entity whose 1996-97 income year ends after 30 June 1997 to deduct expenditure incurred after that date on fencing under a management plan prepared or approved after 30 June 1997 but before the end of the entity's 1996-97 income year.