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

17   After section 40-545

Insert:

40-548 How you work out the decline in value for fodder storage assets

You work out the decline in value of a *fodder storage asset for an income year in this way for the income year in which you incurred the expenditure and the 2 following years:

where:

expenditure is the amount of capital expenditure you incurred on the construction, manufacture, installation or acquisition of the *fodder storage asset.

40-551 How you work out the decline in value for fencing assets

The decline in value of a *fencing asset for the income year in which you incurred the expenditure is the amount of capital expenditure you incurred on the construction, manufacture, installation or acquisition of the fencing asset.