INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) there is an amount of establishment expenditure for a horticultural plant; and
(b) the number of years in the effective life of the plant is 3 or more; and
(c) at a particular time during a year of income, a taxpayer used the plant, or held the plant ready for use:
(i) for the purpose of producing assessable income; and
(ii) in a business of horticulture; and
(d) the taxpayer owned the plant at that time; and
(e) that time is within the maximum write-off period for the plant;
the amount worked out under section 124ZZH is allowable as a deduction to the taxpayer for the year of income.
Establishment expenditure is defined by section 124ZZJ .
Effective life is defined by section 124ZZK .
Ownership is given an extended meaning in relation to leases and licences by section 124ZZQ .
Maximum write-off period is defined by section 124ZZI .