Taxation Laws Amendment Act (No. 1) 1999 (16 of 1999)

Schedule 7   Deductible expenditure and CGT cost bases

Part 2   Amendment of the Income Tax Assessment Act 1997

13   After subsection 110-60(4)

Insert:

(4A) Expenditure does not form part of an entity's reduced cost base for its interest in a *CGT asset of a partnership to the extent that the entity chooses a *tax offset for the expenditure under section 388-55 (about the landcare and water facility tax offset) instead of deducting it.