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

Schedule 3 Capital Allowances for grapevines

Repeal the method statement, substitute:

Method statement

Step 1. Work out the total of the amounts you could have deducted under this Subdivision for the *horticultural plant for the period:

(a) starting when the plant could first be used for *commercial horticulture; and

(b) ending when it was destroyed;

assuming that, during that period, you satisfied a condition in section 40-525 for the plant and used it for commercial horticulture.

Step 2. Subtract from the capital expenditure that is attributable to the establishment of the *horticultural plant:

(a) the result from step 1; and

(b) any amount you received (under an insurance policy or otherwise) for the destruction.

The remaining amount (if any) is your deduction under subsection (1).