House of Representatives
Income Tax Assessment Amendment Bill (No. 2) 1985
Income Tax Assessment Amendment Act (No. 2) 1985
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon. P.J. Keating, M.P.)GENERAL OUTLINE
This Bill will amend the Income Tax Assessment Act 1936, as proposed to be amended by the Taxation Laws Amendment Bill (No. 4) 1985, to provide that capital expenditure by primary producers, incurred after 19 September 1985, on water conservation or conveyance of a kind presently qualifying for immediate income tax deduction is deductible in equal instalments over 3 years.