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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

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History Div 40 substituted for Divs 40, 41 and 42 by No 76 of 2001.

Subdivision 40-F - Primary production depreciating assets

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History Subdiv 40-F inserted by No 76 of 2001.

Operative provisions

SECTION 40-535  Meaning of horticulture and commercial horticulture

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40-535(1)

Horticulture includes:

(a) propagation and cultivation of a ^*horticultural plant in any environment (whether natural or artificial); and

(b) propagation and cultivation of seeds, bulbs, spores and similar things; and

(c) propagation and cultivation of fungi.

40-535(2)

Use for commercial horticulture means use for the ^*purpose of producing assessable income in a ^*business of ^*horticulture.

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History S 40-535 inserted by No 76 of 2001.