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

16   Section 40-540

Repeal the section, substitute:

40-540 How you work out the decline in value for water facilities

(1) The decline in value of a *water facility for the income year in which you incurred the expenditure is the amount of capital expenditure you incurred on the construction, manufacture, installation or acquisition of the water facility.

(2) However, disregard expenditure that you cannot deduct because of section 26-100 (about water infrastructure improvement expenditure).