Div 40 substituted for Divs 40, 41 and 42 by No 76 of 2001.
Subdiv 40-F inserted by No 76 of 2001.
S 40-540 substituted by No 67 of 2015, s 3 and Sch 2 item 16, applicable to assets that an entity starts to hold, or to expenditure an entity incurs, at or after 7.30 pm, by legal time in the Australian Capital Territory, on 12 May 2015. S 40-540 formerly read:
SECTION 40-540 How you work out the decline in value for water facilities
40-540 You work out the decline in value of a *water facility for an income year in this way for the income year in which you incurred the expenditure and the 2 following years:
Expenditure × 331/3%
expenditure is the amount of capital expenditure (disregarding expenditure that you cannot deduct because of section 26-100 (about water infrastructure improvement expenditure)) you incurred on the construction, manufacture, installation or acquisition of the *water facility.
S 40-540 amended by No 88 of 2013, s 3 and Sch 3 item 6, by inserting "(disregarding expenditure that you cannot deduct because of section 26-100 (about water infrastructure improvement expenditure))" in the definition of "expenditure", applicable in relation to payments made on or after 1 April 2010 by the Commonwealth under a SRWUIP program.
S 40-540 inserted by No 76 of 2001.