INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 387 - Capital allowances for primary producers and some land-holders  

Subdivision 387-B - Installations to conserve or convey water  

SECTION 387-140 (ARCHIVE)  

387-140   Income Tax Assessment Act 1997 taken to apply to expenditure covered by section 75A or 75B of the Income Tax Assessment Act 1936  
In determining whether section 387-140 of the Income Tax Assessment Act 1997 prevents you from deducting expenditure on acquiring a water facility, treat the following amounts as if they had been deducted under Subdivision 387-B of that Act:


(a) an amount that was or can be deducted for any income year under section 75A or 75B of the Income Tax Assessment Act 1936 for earlier expenditure by any person on constructing or manufacturing the facility or on a previous acquisition of the facility;


(b) an amount that could have been so deducted if the person who incurred the earlier expenditure had neither recouped it nor become entitled to recoup it.

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