Taxation Laws Amendment (Landcare and Water Facility Tax Offset) Act 1998 (91 of 1998)

Schedule 1  

Part 1   Income Tax Assessment Act 1997

5   Section 40-10

Repeal the section, substitute:

40-10 What expenditure qualifies?

(1) You can write off certain kinds of capital expenditure as deductions. Depending on the kind of expenditure, you can do this either immediately, or over a period of years. This deduction is called a capital allowance .

(2) You may be able to choose a *tax offset for capital expenditure that you could otherwise deduct. This tax offset is also called a capital allowance .

(3) Many different kinds of capital expenditure qualify for a *capital allowance. They are all listed in Subdivision 40-B.