Income Tax Assessment Act 1997
Note: A Commissioner ' s Remedial Power (CRP 2017/2) is relevant to this part of the tax law. Taxation Administration (Remedial Power - Small Business Restructure Roll-over) Determination 2017 (F2017L01687) modifies the operation of s 40-340 of the Income Tax Assessment Act 1997 and any other provisions of a taxation law whose operation is affected by the modified operation of s 40-340 in relation to an asset transferred under a small business restructure roll-over (item 8 of the table in s 40-340(1) ).
The operation of the relevant provisions is modified as follows:
If s 40-340 of ITAA 1997 provides for rollover relief in relation to a disposal of a depreciating asset because the condition in item 8 of the table in s 40-340(1) of ITAA 1997 is satisfied in relation to the asset, that section has effect as if it also provided that the disposal of the asset has no direct consequences under the income tax law (other than Div 40 of ITAA 1997).
The modification applies in respect of transfers on or after 8 May 2018.
An entity must treat a modification as not applying to it or any other entity if the modification would produce a less favourable result for it. The Commissioner is empowered by s 370-5 of Sch 1 to the Taxation Administration Act 1953 to make modifications, by legislative instrument, to ensure the law is administered to achieve its intended purpose or object.
SECTION 40-565 Extra deduction for destruction of a horticultural plant 40-565(1)
You can deduct the amount worked out under subsection (2) for a * horticultural plant for an income year if its * effective life is 3 years or more and it is destroyed during the income year while you own it and use it for * commercial horticulture.
40-565(2)
Work out your deduction as follows: Method statement
Step 1.
Work out the total of the amounts you could have deducted under this Subdivision for the * horticultural plant for the period:
assuming that, during that period, you satisfied a condition in section 40-525 for the plant and used it for commercial horticulture.
Step 2.
Subtract from the capital expenditure that is attributable to the establishment of the * horticultural plant:
The remaining amount (if any) is your deduction under subsection (1).
40-565(3)
This deduction is in addition to any deduction for the income year under section 40-545 .
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