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

15   Section 40-530

Repeal the section, substitute:

40-530 When declines in value start

(1) A *water facility, *fodder storage asset or *fencing asset starts to decline in value in the income year in which you first incur expenditure on the facility or asset.

(2) A *horticultural plant starts to decline in value in:

(a) if you are the first entity to satisfy a condition in subsection 40-525(2) for the plant - the income year in which the first commercial season starts; or

(b) if not - the later of the income year in which you first satisfied that condition and the income year in which the first commercial season starts.