INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteA partner is not entitled to a deduction resulting from section 661 if, before the end of 12 months after the item of drought mitigation property is first used, or installed ready for use, by the lessee:
(a) the partnership disposes of the item to a person other than the lessee, or the item is lost or destroyed; or
(b) the lessee uses the item outside Australia or for a purpose other than that of producing assessable primary production income; or
(c) the lease is terminated other than by the lessee acquiring the item; or
(d) while the lease is in force, the lessee enters into a contract or arrangement with another person for the use of the item by the other person; or
(e) the lessee acquires the item and disposes of it; or
(f) the lessee acquires the property and enters into a contract or arrangement with another person for the use of the item by the other person.
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