Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)
Schedule 6 Irrigation water providers
Income Tax Assessment Act 1997
7 After subsection 40-630(1)
(1A) A *rural land irrigation water provider can deduct capital expenditure it incurs at a time in an income year on a *landcare operation for:
(a) land in Australia that other entities use at the time for carrying on *primary production businesses; or
(b) rural land in Australia that other entities use at the time for carrying on *businesses for a *taxable purpose from the use of that land (except a business of *mining operations);
being entities supplied with water by the rural land irrigation water provider.
(1B) A rural land irrigation water provider is:
(a) an *irrigation water provider; or
(b) an entity whose *business is primarily and principally the supply (otherwise than by using a *motor vehicle) of water to entities for use in carrying on *businesses (except businesses of *mining operations) using rural land in Australia.