Income Tax Assessment Act 1997
SECTION 40-760 Limits on deductions from environmental protection activities
Expenditure you cannot deduct
40-760(1)
You cannot deduct an amount under section 40-755 for an income year for:
(a) expenditure for acquiring land; or
(b) capital expenditure for constructing a building, structure or structural improvement; or
(c) capital expenditure for constructing an extension, alteration or improvement to a building, structure or structural improvement; or
(d) a bond or security (however described) for performing * environmental protection activities; or
(e) expenditure to the extent that you can deduct an amount for it under a provision of this Act outside this Subdivision.
Note:
You may be able to deduct expenditure described in paragraph (1)(b) or (c) under Division 43 (which deals with capital works).
40-760(2)
In particular, you cannot deduct under section 40-755 expenditure to the extent that you incur it on carrying out an activity for environmental impact assessment of your project.
40-760(3)
However, a provision of this Act (except Division 8 (which is about deductions)) that expressly prevents or restricts the operation of that Division applies in the same way to section 40-755 .
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