INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 387 - Capital allowances for primary producers and some land-holders  

Subdivision 387-B - Installations to conserve or convey water  

SECTION 387-120 (ARCHIVE)   Application of Subdivision 387-B of the Income Tax Assessment Act 1997  

387-120(1)    
Subdivision 387-B of the Income Tax Assessment Act 1997 applies to assessments for the 1997-98 income year and later income years, in relation to capital expenditure relating to a water facility, regardless of when it was incurred.

387-120(2)    
For the purpose of applying that Subdivision in relation to expenditure you incurred before the 1997-98 income year, you are taken to have incurred the amount of expenditure for which you could deduct an amount under section 75B of the Income Tax Assessment Act 1936 for an income year before the 1997-98 income year.

Note:

This means that you cannot get a deduction under that Subdivision for expenditure that you recouped before the 1997-98 income year.