Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)
Schedule 3 Rural water use
Income Tax Assessment Act 1997
5 Subsection 40-515(3)
Repeal the subsection, substitute:
Limit on deduction
(3) You cannot deduct more in total than:
(a) for a *water facility - the amount of capital expenditure (disregarding expenditure that you cannot deduct because of section 26-100 (about water infrastructure improvement expenditure)) incurred on the facility; or
(b) for a *horticultural plant - the amount of capital expenditure incurred on the plant.
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