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-C - Establishing horticultural plants  

SECTION 387-160 (ARCHIVE)   Application of Subdivision 387-C of the Income Tax Assessment Act 1997  

387-160(1)    
Subdivision 387-C of the Income Tax Assessment Act 1997 applies to assessments for the 1998-99 income year and later income years, in relation to expenditure incurred on or after 10 May 1995.

387-160(2)    
You can deduct an amount under that Subdivision for expenditure incurred before the 1998-99 income year only to the extent to which you could have deducted an amount for that expenditure under Division 10F of Part III of the Income Tax Assessment Act 1936 if that Division had allowed deductions for the 1998-99 income year and later income years.

Note:

This means that you cannot deduct an amount for expenditure that was recouped before the 1997-98 income year.

387-160(3)    
If the effective life of a horticultural plant was set under section 124ZZK of the Income Tax Assessment Act 1936 , its effective life is the same for the purposes of Subdivision 387-C of the Income Tax Assessment Act 1997 .