INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteA taxpayer is entitled to the deduction under this Part if the taxpayer incurs expenditure of a capital nature of at least $3,000 in acquiring or constructing a new item of drought mitigation property, and the conditions in this section are met.
Note:
Other provisions of this Part may remove the entitlement.
628(2) Use for producing assessable primary production income.The item must be for use by the taxpayer wholly and exclusively in Australia for the purpose of producing assessable primary production income other than by:
(a) leasing it; or
(b) letting it on hire-purchase; or
(c) granting rights to other persons to use it. 628(3) Time limit for incurring the expenditure.
If the expenditure is incurred in acquiring the item, it must be incurred after 23 March 1995 and before 1 July 2000. If the expenditure is incurred in constructing the item, the construction must begin after 23 March 1995 and before 1 July 2000.
628(4) Time limit for first use.The item must be first used or installed ready for use by the taxpayer before 1 July 2001.
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