Tax Laws Amendment (2008 Measures No. 2) Act 2008 (38 of 2008)

Schedule 8   Capital expenditure for the establishment of trees in carbon sink forests

Part 1   Income years 2007-08 to 2011-12

Income Tax Assessment Act 1997

5   After subsection 40-630(2B)

Insert:

Exception: deduction available under Subdivision 40-J

(2C) You cannot deduct an amount under this Subdivision for capital expenditure if any entity can deduct an amount for that expenditure for any income year under Subdivision 40-J.