INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 10A - Timber operations and timber mill buildings  

Subdivision AA - Application of this Division  

SECTION 124EAA   124EAA   THIS DIVISION DOES NOT APPLY AFTER 1996-97 YEAR OF INCOME  
An amount is not deductible under this Division for an income year after the 1996-97 year of income.

Note 1:

Subdivision 387-G of the Income Tax Assessment Act 1997 allows deductions for the 1997-98 year of income and later years of income for capital expenditure on forestry roads for timber operations and for capital expenditure on timber mill buildings (including capital expenditure incurred before the 1997-98 year of income: see Subdivision 387-G of the Income Tax (Transitional Provisions) Act 1997 ).

Note 2:

Paragraphs 70-120(2)(a) and (b) and subsection 70-120(3) of the Income Tax Assessment Act 1997 allow deductions for the 1997-98 year of income and later years of income for the price paid (at any time) for land carrying trees or for a right to fell trees.


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