Income Tax Assessment Act 1997
SECTION 40-555 Amounts you cannot deduct
Water facilities
40-555(1)
You cannot deduct an amount for any income year for capital expenditure on the acquisition of a * water facility if any entity has deducted or can deduct an amount under this Subdivision for any income year for earlier capital expenditure on:
(a) the construction or manufacture of the facility; or
(b) a previous acquisition of the facility.
Note:
A depreciating asset and a repair of a capital nature or an alteration, addition or extension to that asset that is a water facility are not the same depreciating asset for the purposes of section 40-50 and this Subdivision: see section 40-53 .
40-555(2)
(Repealed by No 23 of 2005)
Horticultural plants
40-555(3)
In working out your deduction under this Subdivision for a * horticultural plant, disregard expenditure incurred:
(a) in draining swamp or low-lying land; or
(b) in clearing land.
Fodder storage assets
40-555(4)
You cannot deduct an amount for any income year for capital expenditure on the acquisition of a *fodder storage asset if any entity has deducted or can deduct an amount under this Subdivision for any income year for earlier capital expenditure on:
(a) the construction or manufacture of the asset; or
(b) a previous acquisition of the asset.
Note:
A depreciating asset and a repair of a capital nature or an alteration, addition or extension to that asset that is a fodder storage asset are not the same depreciating asset for the purposes of section 40-50 and this Subdivision: see section 40-53 .
Fencing assets
40-555(5)
You cannot deduct an amount for any income year for capital expenditure on the acquisition of a *fencing asset if any entity has deducted or can deduct an amount under this Subdivision for any income year for earlier capital expenditure on:
(a) the construction or manufacture of the fencing asset; or
(b) a previous acquisition of the fencing asset.
Note:
A depreciating asset and a repair of a capital nature or an alteration, addition or extension to that asset that is a fencing asset are not the same depreciating asset for the purposes of section 40-50 and this Subdivision: see section 40-53 .
40-555(6)
You cannot deduct an amount for any income year for capital expenditure on a *fencing asset to the extent that any entity has deducted or can deduct the amount under subsection 40-630(1) (about landcare operations).
40-555(7)
You cannot deduct an amount for any income year for capital expenditure on a *fencing asset if the fencing asset is (or is a repair, alteration, addition or extension to):
(a) a stockyard or pen; or
(b) a portable fence.
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