INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
A taxpayer incurring capital expenditure of at least $3,000 on a new item of drought mitigation property for use in producing assessable primary production income qualifies for a drought investment allowance deduction of 10% of the expenditure. There is a $5,000 limit in relation to deductions.
The key concept of drought mitigation property is defined in Division 4 .
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