Tax Laws Amendment (Small Business Measures No. 2) Act 2015 (67 of 2015)

Schedule 2   Accelerated depreciation for primary producers

Income Tax Assessment Act 1997

12   At the end of section 40-520

Add:

(3) A fodder storage asset is an asset or a structural improvement, or a repair of a capital nature, or an alteration, addition or extension, to an asset or a structural improvement, that is primarily and principally for the purpose of storing fodder.

(4) A fencing asset is:

(a) an asset or a structural improvement that is a fence; or

(b) a repair of a capital nature, or an alteration, addition or extension, to a fence.