INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

SCHEDULE 2C - Forgiveness of commercial debts  

Division 245 - Forgiveness of commercial debts  

SECTION 245-140   DEFINITIONS APPLICABLE TO PROVISIONS REDUCING DEDUCTIBLE EXPENDITURE  

245-140(1)   [Definitions]  


Table of deductible expenditure
Column 1 Column 2
Item General description of expenditure Provision under which a deduction is allowable in respect of the expenditure
1 Cost of plant or articles used (or installed ready for use) to produce assessable
income		 Subsections 54(1), 56(1), 57AK(4) and 57AM(5), (7), (9), (10) and (11) of this Act or the former Division 42 of the Income Tax Assessment Act 1997
.
3 Expenditure on software, pooled The former Subdivision 46-D of the Income Tax Assessment Act 1997
.
5 Expenditure on a telephone line on land on which a business of primary production is carried on The former Subdivision 387-F of the Income Tax Assessment Act 1997
.
6 Expenditure in connecting or upgrading mains electricity facilities on land used or intended for use in producing assessable income The former Subdivision 387-E of the Income Tax Assessment Act 1997
.
9 Expenditure in connection with clearing and preparing land for primary production Subsection 75A(3)
.
10 Expenditure on establishing a grape vine The former Subdivision 387-D of the Income Tax Assessment Act 1997
.
11 Expenditure on plant or structural improvements for conserving or conveying water The former Subdivision 387-B of the Income Tax Assessment Act 1997
.
12 Expenditure on certain kinds of plant and equipment for use in very large development projects Subsections 82AB(1) and 82AT(1)
.
13 Expenditure on environmental impact assessment item 1, 2 or 3 of the table in the former subsection 400-15(3) of the Income Tax Assessment Act 1997
.
15 Expenditure incurred in relation to mining or quarrying operations The former Subdivision 330-C of the Income Tax Assessment Act 1997
.
16 Expenditure incurred on exploration or prospecting for minerals or quarry
materials		 The former Subdivision 330-A of the Income Tax Assessment Act 1997
.
17 Expenditure incurred in transporting minerals or quarry materials The former Subdivision 330-H of the Income Tax Assessment Act 1997
.
18 Expenditure on forestry roads to an area of timber operations The former Subdivision 387-G of the Income Tax Assessment Act 1997
.
19 Expenditure on timber buildings used for timber milling business, if the buildings
are in a forest or adjacent to a timber
milling or timber felling area		 The former Subdivision 387-G of the Income Tax Assessment Act 1997
.
21 Expenditure on acquiring an item of intellectual property to produce assessable income The former Subdivision 373-B of the Income Tax Assessment Act 1997
.
24 Expenditure incurred in establishing horticultural plants The former Subdivision 387-C
.
25 Expenditure incurred in obtaining a spectrum licence to produce assessable income The former Division 380 of the Income Tax Assessment Act 1997

245-140(1A)   [Deductible expenditure - forgiveness year]  

If the forgiveness year of income is the 1997-98 year of income, paragraph (a) of the definition of deductible expenditure in subsection (1) applies to expenditure that is taken by Division 330 of the Income Tax (Transitional Provisions) Act 1997 to be incurred in that year of income as if it had been incurred before the forgiveness year of income.

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