Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:5_58
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 5 cl 58
Character Range: 572554–573001

58  After subsection 36(7)
Insert:

 (7AA) Subsection (7A) does not allow a deduction for the 1997-98 year of income or a later year of income.

Note: Paragraph 70‑120(2)(c) and subsection 70‑120(5) of the Income Tax Assessment Act 1997 allow you to deduct the price you paid for trees on land, and associated capital expenditure, if you dispose of the trees in one of those years of income outside the ordinary course of carrying on a business.