Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)
Schedule 6 Irrigation water providers
Income Tax Assessment Act 1997
8 After subsection 40-630(2)
(2A) In applying paragraph (2)(b) to capital expenditure incurred by a *rural land irrigation water provider on a dam or structural improvement, the requirement in paragraph 45-40(1)(c) that the land on which the dam or structural improvement is situated be used for agricultural or pastoral operations is to be disregarded.
Exception: deduction available under Subdivision 40-F
(2B) A *rural land irrigation water provider cannot deduct an amount under this Subdivision for capital expenditure if the entity can deduct an amount for that expenditure under Subdivision 40-F.