INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 10F - Deduction for capital expenditure incurred in establishing horticultural plants  

Subdivision C - Annual deduction where the effective life of a plant is 3 or more years  

SECTION 124ZZI   124ZZI   WHAT IS THE ANNUAL WRITE-OFF RATE AND THE MAXIMUM WRITE-OFF PERIOD?  
Use the following table to work out the annual write-off rate and the maximum write-off period for a plant. The maximum write-off period for a plant begins at the time when the plant first became capable of being used:


(a) for the purpose of producing assessable income; and


(b) in a business of horticulture.


Years in effective life of plant Annual write-off rate Maximum write-off period
3 to fewer than 5 0.40 2 years and 183 days
5 to fewer than 6 2/3 0.27 3 years and 257 days
6 2/3 to fewer than 10 0.20 5 years
10 to fewer than 13 0.17 5 years and 323 days
13 to fewer than 30 0.13 7 years and 253 days
30 or more 0.07 14 years and 105 days

Note:

Effective life is defined by section 124ZZK .


 

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