Tax Laws Amendment (2007 Measures No. 5) Act 2007 (164 of 2007)

Schedule 1   Tax preferred entities (asset financing)

Part 2   Consequential amendments

Income Tax Assessment Act 1997

51   At the end of subsection 40-735(1)

Add:

Note 2: If Division 250 applies to you and an asset that is land:

(a) if section 250-150 applies - you can deduct expenditure you incur in relation to the land to the extent specified in a determination made under subsection 250-150(3); or

(b) otherwise - you cannot deduct such expenditure.