INCOME TAX ASSESSMENT ACT 1997
LIABILITY RULES OF GENERAL APPLICATION
CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE
Deductions for capital works
Establishing the deduction base
is a road constructed primarily and principally for the purpose of providing access to an area to enable:
(a) trees to be planted or tended in the area; or
(b) timber felled in the area to be removed.
For this purpose, a road includes any bridge, culvert or similar work forming part of the road.
(a) planting or tending trees for felling; or
(b) felling standing timber; or
(c) removing felled timber; or
(d) milling felled timber or processing it in another way.
timber mill building
is a building:
(a) for use primarily and principally:
(i) in carrying on your
business of milling timber for a
taxable purpose; or
(ii) as residential accommodation for your employees engaged in connection with the business, or for their dependants; and
(b) located in a forest, and in or adjacent to the area where timber milled in the business is, or is to be, felled.
S 43-72 inserted by No 77 of 2001.