Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 40-520 Meaning of water facility , horticultural plant , fodder storage asset and fencing asset 40-520(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 live stock entering an irrigation channel and a bridge over an irrigation channel.
40-520(2)
A horticultural plant is a live plant or fungus that is cultivated or propagated for any of its products or parts.
40-520(3)
A fodder storage asset is an asset or a structural improvement, or a repair of a capital nature, or an alteration, addition or extension, to an asset or a structural improvement, that is primarily and principally for the purpose of storing fodder.
40-520(4)
A fencing asset is:
(a) an asset or a structural improvement that is a fence; or
(b) a repair of a capital nature, or an alteration, addition or extension, to a fence.
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