INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
For the purposes of this Division, if:
(a) an entity has incurred expenditure of a capital nature wholly or partly in respect of the establishment of a horticultural plant in Australia for use in a business of horticulture; and
(b) the expenditure was incurred on or after 10 May 1995;
so much of the amount of the expenditure as is attributable to the establishment of the plant is taken to be an amount of establishment expenditure for the plant.
Note:
Entity is defined by section 124ZZR .
124ZZJ(2) Exclusion of drainage and land-clearance costs.A reference in this section to capital expenditure in respect of the establishment of a horticultural plant does not include a reference to expenditure incurred in:
(a) draining swamp or low-lying land; or
(b) clearing land. 124ZZJ(3) Exclusion of otherwise deductible costs.
Expenditure is taken not to be establishment expenditure in respect of the establishment of a horticultural plant to the extent to which a deduction is allowable in respect of that expenditure under a provision of this Act other than section 124ZZF or 124ZZG .
124ZZJ(4) Exclusion of depreciable costs.Expenditure is taken not to be establishment expenditure in respect of the establishment of a horticultural plant to the extent to which the expenditure is taken into account in calculating an amount of depreciation that is allowable as a deduction.
124ZZJ(5) Exclusion of qualifying expenditure with the meaning of Division 10D .Expenditure is taken not to be establishment expenditure in respect of the establishment of a horticultural plant to the extent to which the expenditure:
(a) is qualifying expenditure within the meaning of Division 10D of this Act; or
(b) is part of a pool of construction expenditure within the meaning of Division 43 of the Income Tax Assessment Act 1997 .
Note:
Those Divisions deal with buildings, structural improvements and other capital works.
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