Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision H - Period of deductibility of certain advance expenditure  

SECTION 82KZMGA   DEDUCTIONS FOR CERTAIN FORESTRY EXPENDITURE  

82KZMGA(1)   [ Certain CGT events]  

A taxpayer cannot deduct expenditure in relation to which the requirements in section 82KZMG (apart from paragraph 82KZMG(2)(a) ) are met if:

(a) the taxpayer holds the taxpayer ' s interest in the agreement mentioned in section 82KZMG as an initial participant in the agreement; and

(b) a CGT event happens in relation to that interest within 4 years after the end of the year of income in which the taxpayer first incurred expenditure under the agreement; and

(c) the expenditure is incurred on or before 30 June 2008.

82KZMGA(1A)   [ Circumstances outside taxpayer ' s control]  

Paragraph (1)(b) does not apply to a CGT event if:

(a) the CGT event happens because of circumstances outside the taxpayer ' s control; and

Example:

The interest is compulsorily acquired.

(b) when the taxpayer acquired the interest, the taxpayer could not reasonably have foreseen the CGT event happening.

82KZMGA(2)   [ Commissioner ' s power to amend]  

Despite section 170 , the Commissioner may amend the taxpayer ' s assessment at any time within 2 years after the end of the year of income in which the CGT event happens, for the purpose of giving effect to this section.