INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteThe Commissioner may, by writing:
(a) make a determination specifying periods that taxpayers may elect to adopt as the effective lives of horticultural plants owned by them; and
(b) revoke or vary such a determination. 124ZZL(2) Period may be specified unconditionally.
A period may be specified unconditionally.
124ZZL(3) Specification of period may be conditional.A period, or 2 or more different periods, may be specified in relation to particular kinds of plants subject to one or more specified conditions being satisfied as at the time when the plant first became capable of being used:
(a) for the purpose of producing assessable income; and
(b) in a business of horticulture. 124ZZL(4) Determination to be available for sale to the public.
A determination, or a variation or a revocation of a determination, must be made available for sale to the public.
124ZZL(5) When determination may be retrospective.A determination, or a variation or a revocation of a determination, may be expressed to apply in relation to a plant that first became capable of being used:
(a) for the purpose of producing assessable income; and
(b) in a business of horticulture;
before the determination, variation or revocation, as the case may be, was made if, and only if:
(c) in the case of a determination or a variation of a determination - the specified period is the first period applicable to plants of that kind; or
(d) in any case - the retrospectivity works to the advantage of taxpayers in calculating the effective lives of plants of that kind.
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