Tax Laws Amendment (2008 Measures No. 2) Act 2008 (38 of 2008)
Schedule 8 Capital expenditure for the establishment of trees in carbon sink forests
Part 1 Income years 2007-08 to 2011-12
Income Tax Assessment Act 1997
7 After subsection 70-120(5)
Insert:
No deduction for carbon sink forests
(5A) You cannot deduct under this section so much of an amount you paid or incurred as is attributable to the establishment of trees for which any entity has deducted, or can deduct, an amount for any income year under Subdivision 40-J.
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