Income Tax Assessment Act 1997
You can deduct the amount worked out under subsection (2) for an income year if:
(a) you or another entity incurred capital expenditure that is covered under section 40-1010 in relation to particular trees; and
(b) you use the land occupied by the trees for the primary and principal purpose of *carbon sequestration by the trees; and
(c) the trees are destroyed during the income year; and
(d) you satisfy a condition in subsection 40-1005(5) for the trees just before they are destroyed. 40-1030(2)
Work out the amount of the deduction as follows: Method statement
Work out the total of the amounts you could have deducted under this Subdivision in relation to the trees for the period:
assuming that, during that period, you satisfied a condition in the table in subsection 40-1005(5) .
Subtract from the expenditure that is covered under section 40-1010 in relation to the trees:
The remaining amount (if positive) is your deduction under subsection (1).
This deduction is in addition to any deduction for the income year under section 40-1005 .