Tax Law Improvement Act 1997 (121 of 1997)

Schedule 11   Capital allowances for primary producers and some land-holders

Part 3   Consequential amendment of the Income Tax Assessment Act 1936

38   Before subsection 70(1)

Insert:

(1AA) A deduction is not allowable under this section for the 1997-98 year of income or a later year of income.

Note: Subdivision 387-F of the Income Tax Assessment Act 1997 provides for deductions for the cost of a telephone line for the 1997-98 year of income and later years of income (even if the cost was incurred before the 1997-98 year of income - see Subdivision 387-F of the Income Tax (Transitional Provisions) Act 1997).