INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)
An approved land management plan under section 75D of the Income Tax Assessment Act 1936 is taken to be an approved management plan for the purposes of Subdivision 387-A of the Income Tax Assessment Act 1997 also.
Note:
This means that you can deduct amounts for capital expenditure in the 1997-98 income year or a later income year on fencing under an approved management plan that was prepared or approved before the 1997-98 income year.
387-80(2)
An approved management plan for the purposes of Subdivision 387-A of the Income Tax Assessment Act 1997 also has effect as if it were an approved land management plan under section 75D of the Income Tax Assessment Act 1936.
Note:
This allows an entity whose 1996-97 income year ends after 30 June 1997 to deduct expenditure incurred after that date on fencing under a management plan prepared or approved after 30 June 1997 but before the end of the entity's 1996-97 income year.
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