Income tax: what activities are 'seasonally dependent agronomic activities' for the purposes of section 82KZMG of the Income Tax Assessment Act 1936 ?
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Notice of Withdrawal
1. TD 2003/12 explains what activities are 'seasonally dependent agronomic activities' for the purposes of section 82KZMG of the Income Tax Assessment Act 1936 (ITAA 1936). Subject to satisfying the other conditions in section 82KZMG of the ITAA 1936 and section 8-1 of the Income Tax Assessment Act 1997, an immediate deduction is available for certain prepaid expenditure related to seasonally dependent agronomic activities under a plantation forestry managed agreement.
2. While section 82KZMG of the ITAA 1936 is still in force, paragraph 82KZMG(2)(a) provides that a deduction can only be claimed under section 82KZMG where the expenditure was incurred between 2 October 2001 and 30 June 2008 inclusive.
Commissioner of Taxation
20 December 2016
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advance payments and expenses
seasonally dependent agronomic activity