Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)

Schedule 6   Irrigation water providers

Income Tax Assessment Act 1997

9   At the end of section 40-630


(4) Subsection (3) does not apply to expenditure incurred by a *rural land irrigation water provider. Instead, a rural land irrigation water provider must reduce its deduction in relation to particular land by a reasonable amount to reflect an entity's use of the land in the income year after the rural land irrigation water provider incurred the expenditure for a purpose other than a *taxable purpose.