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

14   At the end of section 40-525

Add:

Fodder storage assets

(3) The capital expenditure you incurred on the construction, manufacture, installation or acquisition of the *fodder storage asset must have been incurred primarily and principally for use in a *primary production business that you conduct on land in Australia.

Note: If Division 250 applies to you and an asset that is a fodder storage asset:

(a) if section 250-150 applies - the condition in this subsection is taken to be satisfied for the asset to the extent specified under subsection 250-150(3); or

(b) otherwise - the condition in this subsection is taken not to be satisfied for the asset.

Fencing assets

(4) The capital expenditure you incurred on the construction, manufacture, installation or acquisition of the *fencing asset must have been incurred primarily and principally for use in a *primary production business that you conduct on land in Australia.

Note: If Division 250 applies to you and an asset that is a fencing asset:

(a) if section 250-150 applies - the condition in this subsection is taken to be satisfied for the asset to the extent specified under subsection 250-150(3); or

(b) otherwise - the condition in this subsection is taken not to be satisfied for the asset.