INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteThe taxpayer is not entitled to the deduction if, before the end of 12 months after the item of drought mitigation property is first used, or installed ready for use, by the taxpayer, the taxpayer does any of the things set out in this section.
633(2) Loss if disposal etc.The taxpayer is not entitled to the deduction if the taxpayer disposes of the item or loses it, or if the property is destroyed, within the 12 months.
633(3) Loss if disposal of partial interest.Subject to subsection (4), if the taxpayer, within the 12 months, disposes of part of the taxpayer's interest in the item, the taxpayer is not entitled to the deduction.
633(4) Commissioner may determine that entitlement not wholly lost.If the Commissioner determines that the taxpayer should not lose the entitlement to the whole or part of the deduction, subsection (3) does not apply to the whole or the part.
633(5) Loss if lease etc.The taxpayer is not entitled to the deduction if, within the 12 months, the taxpayer:
(a) leases the item; or
(b) lets the item on hire under a hire-purchase agreement; or
(c) otherwise grants a right to another person to use the item. 633(6) Loss if use outside Australia etc.
The taxpayer is not entitled to the deduction if, within the 12 months, the taxpayer uses the item outside Australia or for a purpose other than that of producing assessable primary production income.
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