Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)

Schedule 6   Irrigation water providers

Income Tax Assessment Act 1997

3   Subsection 40-520(1)

Repeal the subsection, substitute:

(1) A water facility is:

(a) *plant or a structural improvement, or a repair of a capital nature, or an alteration, addition or extension, to plant or a structural improvement, that is primarily and principally for the purpose of conserving or conveying water; or

(b) a structural improvement, or a repair of a capital nature, or an alteration, addition or extension, to a structural improvement, that is reasonably incidental to conserving or conveying water.

Example: Examples of a water facility include a dam, tank, tank stand, bore, well, irrigation channel, pipe, pump, water tower and windmill. Examples of things reasonably incidental to conserving or conveying water include a culvert, a fence to prevent livestock entering an irrigation channel and a bridge over an irrigation channel.