INCOME TAX ASSESSMENT ACT 1936

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision H - Period of deductibility of certain advance expenditure  

SECTION 82KZMGA   DEDUCTIONS FOR CERTAIN FORESTRY EXPENDITURE  

82KZMGA(1)   [ Certain CGT events]  

A taxpayer cannot deduct expenditure in relation to which the requirements in section 82KZMG (apart from paragraph 82KZMG(2)(a) ) are met if:


(a) the taxpayer holds the taxpayer ' s interest in the agreement mentioned in section 82KZMG as an initial participant in the agreement; and


(b) a CGT event happens in relation to that interest within 4 years after the end of the year of income in which the taxpayer first incurred expenditure under the agreement; and


(c) the expenditure is incurred on or before 30 June 2008.

82KZMGA(1A)   [ Circumstances outside taxpayer ' s control]  

Paragraph (1)(b) does not apply to a CGT event if:


(a) the CGT event happens because of circumstances outside the taxpayer ' s control; and

Example:

The interest is compulsorily acquired.


(b) when the taxpayer acquired the interest, the taxpayer could not reasonably have foreseen the CGT event happening.

82KZMGA(2)   [ Commissioner ' s power to amend]  

Despite section 170 , the Commissioner may amend the taxpayer ' s assessment at any time within 2 years after the end of the year of income in which the CGT event happens, for the purpose of giving effect to this section.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.