Document ID: chunk:federal_register_of_legislation:C2010C00691:body:0:p51
Version: federal_register_of_legislation:C2010C00691
Segment Type: other
Provision Reference: 
Character Range: 124164–126797

using the formula set out in
subsection (7) as exceeds the recoverable amount is allowable as a deduction
to the taxpayer for the year of income; or
  (e) in any other case-the amount worked out using the formula set out in
subsection (7) is allowable as a deduction to the taxpayer for the year of
income.
Subsection (6) formula
  "(7) The formula mentioned in subsection (6) is:
          Qualifying expenditure  -  Notional deductions
where:
  'Qualifying expenditure' means the amount of the qualifying expenditure in
respect of the establishment of the grape vine;
  'Notional deductions' means the deduction, or the total of the deductions,
that would have been allowable to the taxpayer under subsection (1) in respect
of the qualifying expenditure if it were assumed, that at all times during the
period:
  (a) beginning at the time when the vine was established; and
  (b) ending at the time when the vine was destroyed;
the taxpayer had owned the vine and had used it in a business of primary
production for the purpose of gaining or producing assessable income.
Recoupment of expenditure
  "(8) This section does not apply, and is taken never to have applied, to
expenditure incurred by a person if:
  (a) the person, whether before or after the commencement of this subsection,
receives, or becomes entitled to receive, a recoupment of, or grant in respect
of, the expenditure; and
  (b) the amount of the recoupment or the grant is not, and will not be,
included in the person's assessable income of any year of income.
Dissection of recoupment
  "(9) For the purposes of subsection (8), if a person receives, or becomes
entitled to receive, an amount that constitutes to an unspecified extent a
recoupment of, or a grant in respect of, expenditure, then so much of that
amount as is reasonable is taken to be a recoupment of, or grant in respect
of, that expenditure, as the case requires.
Amendment of assessments
  "(10) Section 170 does not prevent the amendment of an assessment at any
time for the purpose of giving effect to subsection (8) or (9).
Crown leases-lessees deemed to own vines
  "(11) For the purposes of this section, if:
  (a) a taxpayer is the lessee of land under a Crown lease (within the meaning
of section 54AA); and
  (b) a grape vine is affixed to the land; and
  (c) the taxpayer, or a prior holder of the Crown lease, planted the grape
vine; and
  (d) apart from this section, the taxpayer is not the owner of the vine;
the taxpayer is taken to be the owner of the grape vine instead of any other
person.
  "Person" includes a partnership or trustee   "(12) A reference in this
section to a