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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances    View history reference

Subdivision 40-F - Primary production depreciating assets    View history reference

Operative provisions

SECTION 40-530  When declines in value start  

 View history reference ITAA 36

40-530(1)  

A *water facility, *fodder storage asset or *fencing asset starts to decline in value in the income year in which you first incur expenditure on the facility or asset.

40-530(2)  

A *horticultural plant starts to decline in value in:


(a) if you are the first entity to satisfy a condition in subsection 40-525(2) for the plant - the income year in which the first commercial season starts; or


(b) if not - the later of the income year in which you first satisfied that condition and the income year in which the first commercial season starts.


 



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