Tax Laws Amendment (Wine Producer Rebate and Other Measures) Act 2004 (129 of 2004)

Schedule 3   Capital Allowances for grapevines

Income Tax Assessment Act 1997

18   Subsection 40-565(1)

Repeal the subsection, substitute:

(1) You can deduct the amount worked out under subsection (2) for a *horticultural plant for an income year if its *effective life is 3 years or more and it is destroyed during the income year while you own it and use it for *commercial horticulture.