Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:1_3:p20
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 20/24)
Character Range: 460668–463521

that income year.

This Subdivision does not apply to net income or partnership loss

 (3) Disregard this Subdivision when working out the net income or partnership loss of the partnership under section 90 of the Income Tax Assessment Act 1936.

Subdivision 387‑G—Forestry roads and timber mill buildings

Guide to Subdivision 387‑G

387-450  What this Subdivision is about

      You can deduct your capital expenditure on constructing or acquiring a forestry road or a timber mill building.
      The period over which you can deduct depends on how long you estimate the road or building can be used for the main purpose for which you constructed or acquired it.
Table of sections

387‑455 How this Subdivision applies to pre-1997-98 expenditure

Deductions

387‑460 What expenditure you can deduct
387‑465 Meaning of forestry road, timber operation and timber mill building
387‑470 How much you can deduct for the current year

Limits on deductions

387‑475 Limits on expenditure on acquiring a road or building
387‑480 When you cannot deduct

Balancing adjustments

387‑485 Making a balancing adjustment when an event stops you deducting
387‑490 Meaning of termination value
387‑495 Meaning of written down value

Resuming deductions

387‑500 Resuming deductions after you stop using a road or building

Application of Common rules

387‑505 Application of Common rules 1, 2 and 3

387‑455  How this Subdivision applies to pre-1997-98 expenditure

 (1) This Subdivision applies to your capital expenditure on a forestry road or a timber mill building, even if you incurred it before the 1997-98 income year.

Note: Sections 387‑450 to 387‑507 of the Income Tax (Transitional Provisions) Act 1997 explain how this Subdivision applies if you incurred expenditure before that income year.

 (2) In that case, you may have taken the expenditure into account in working out your deductions under Division 10A of Part III of the Income Tax Assessment Act 1936 (which provided for deductions for expenditure on access roads and timber mill buildings for the 1996-97 income year and earlier income years).

 (3) If so, you treat any deductions that you made, or could make, under that Division for the 1996-97 income year and earlier income years as if you had made them in those years under this Subdivision.

Deductions

387‑460  What expenditure you can deduct

  You can deduct an amount for capital expenditure you have incurred:
 (a) on a *forestry road, in connection with carrying on a *timber operation for the *purpose of producing assessable income; or
 (b) for the construction or acquisition of a *timber mill building.

To work out how much you can deduct, see section 387‑470.

Note: Various provisions may reduce the amount you can deduct or stop you deducting. For example, see:
  *    Division 26 of this Act (limiting deductions