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INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 10F - Deduction for capital expenditure incurred in establishing horticultural plants  

Subdivision C - Annual deduction where the effective life of a plant is 3 or more years  

SECTION 124ZZI  

124ZZI  WHAT IS THE ANNUAL WRITE-OFF RATE AND THE MAXIMUM WRITE-OFF PERIOD?  

Use the following table to work out the annual write-off rate and the maximum write-off period for a plant. The maximum write-off period for a plant begins at the time when the plant first became capable of being used:


(a) for the purpose of producing assessable income; and


(b) in a business of horticulture.
Years in effective life of plantAnnual write-off rateMaximum write-off period
3 to fewer than 50.402 years and 183 days
5 to fewer than 6 2/30.273 years and 257 days
6 2/3 to fewer than 100.205 years
10 to fewer than 130.175 years and 323 days
13 to fewer than 300.137 years and 253 days
30 or more0.0714 years and 105 days

Note:

Effective life is defined by section 124ZZK .


 



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