INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART XII - DROUGHT INVESTMENT ALLOWANCE  

Division 3 - Leasing company deduction  

Subdivision B - Loss of entitlement to deduction  

SECTION 644  

644   DISPOSAL ETC. OF ITEM WITHIN 12 MONTHS  
The taxpayer is not entitled to the deduction if, before the end of 12 months after the item of drought mitigation property is first used, or installed ready for use, by the lessee:

(a) the taxpayer disposes of the item to a person other than the lessee, or the property is lost or destroyed; or

(b) the lessee uses the item outside Australia or for a purpose other than that of producing assessable primary production income; or

(c) the lease is terminated other than by the acquisition of the item by the lessee; or

(d) while the lease is in force, the lessee enters into a contract or arrangement with another person for the use of the item by that other person; or

(e) the lessee acquires the item and disposes of it; or

(f) the lessee acquires the item and enters into a contract or arrangement with another person for the use of the property by the other person.