Tax Law Improvement Act (No. 1) 1998 (46 of 1998)
7 Environment (new Division 400)
2 Consequential amendment of the Income Tax Assessment Act 1997
4 Section 40-30 (table items dealing with environmental impact studies and environment protection)
Repeal the items, substitute:
|
Environmental impact assessment |
Expenditure on assessing the environmental impact of an income-producing project |
Any entity with an income-producing project |
Generally 10 years, but may be less, depending on the estimated life of the project |
This is not applicable |
Subdivision 400-A |
|
Environmental protection activities |
Expenditure incurred in dealing with pollution or waste |
Any entity incurring expenditure to deal with pollution or waste from its income-producing activity or from or on the site of that activity |
Immediate 100% write off |
This is not applicable |
Subdivision 400-B |