Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)

Schedule 6   Irrigation water providers

Income Tax Assessment Act 1997

1   After section 40-50

Insert:

40-53 Alterations etc. to certain depreciating assets

(1) These things are not the same *depreciating asset for the purposes of section 40-50 and Subdivision 40-F:

(a) a depreciating asset; and

(b) a repair of a capital nature, or an alteration, addition or extension, to that asset that would, if it were a separate depreciating asset, be a *water facility.

(2) These things are not the same *depreciating asset for the purposes of section 40-50 and Subdivision 40-G:

(a) a depreciating asset; and

(b) a repair of a capital nature, or an alteration, addition or extension, to that asset that would, if it were a separate depreciating asset, be a *landcare operation.