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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-H - Capital expenditure that is immediately deductible    View history reference

Operative provisions

SECTION 40-760  Limits on deductions from environmental protection activities  

 View history reference ITAA 36

Expenditure you cannot deduct

40-760(1)  

You cannot deduct an amount under section 40-755 for an income year for:


(a) expenditure for acquiring land; or


(b) capital expenditure for constructing a building, structure or structural improvement; or


(c) capital expenditure for constructing an extension, alteration or improvement to a building, structure or structural improvement; or


(d) a bond or security (however described) for performing *environmental protection activities; or


(e) expenditure to the extent that you can deduct an amount for it under a provision of this Act outside this Subdivision.

Note:

You may be able to deduct expenditure described in paragraph (1)(b) or (c) under Division 43 (which deals with capital works).

40-760(2)  

In particular, you cannot deduct under section 40-755 expenditure to the extent that you incur it on carrying out an activity for environmental impact assessment of your project.

40-760(3)  

However, a provision of this Act (except Division 8 (which is about deductions)) that expressly prevents or restricts the operation of that Division applies in the same way to section 40-755.


 



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