Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p1
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 1/2)
Character Range: 1022760–1025698

3                                            You:
                                             (a) hold a licence relating to the land to which the *horticultural plant is attached; and
                                             (b) carry on a *business of *horticulture on the land as a result of holding the licence.

Note: If Division 250 applies to you and an asset that is a horticultural plant:
(a) if section 250‑150 applies—a condition in this subsection is taken not to be satisfied for the plant to the extent specified under subsection 250‑150(3); or
(b) otherwise—the conditions in this subsection are taken not to be satisfied for the horticultural plant.

Fodder storage assets
 (3) The capital expenditure you incurred on the construction, manufacture, installation or acquisition of the *fodder storage asset must have been incurred primarily and principally for use in a *primary production business that you conduct on land in Australia.
Note: If Division 250 applies to you and an asset that is a fodder storage asset:
(a) if section 250‑150 applies—the condition in this subsection is taken not to be satisfied for the asset to the extent specified under subsection 250‑150(3); or
(b) otherwise—the condition in this subsection is taken not to be satisfied for the asset.

Fencing assets
 (4) The capital expenditure you incurred on the construction, manufacture, installation or acquisition of the *fencing asset must have been incurred primarily and principally for use in a *primary production business that you conduct on land in Australia.
Note: If Division 250 applies to you and an asset that is a fencing asset:
(a) if section 250‑150 applies—the condition in this subsection is taken not to be satisfied for the asset to the extent specified under subsection 250‑150(3); or
(b) otherwise—the condition in this subsection is taken not to be satisfied for the asset.

40‑530  When declines in value start
 (1) A *water facility, *fodder storage asset or *fencing asset starts to decline in value in the income year in which you first incur expenditure on the facility or asset.
 (2) A *horticultural plant starts to decline in value in:
 (a) if you are the first entity to satisfy a condition in subsection 40‑525(2) for the plant—the income year in which the first commercial season starts; or
 (b) if not—the later of the income year in which you first satisfied that condition and the income year in which the first commercial season starts.

40‑535  Meaning of horticulture and commercial horticulture
 (1) Horticulture includes:
 (a) propagation and cultivation of a *horticultural plant in any environment (whether natural or artificial); and
 (b) propagation and cultivation of seeds, bulbs, spores and similar things; and
 (c) propagation and cultivation of fungi.
 (2) Use for commercial horticulture means use for the *purpose of producing assessable income in a *business of *horticulture.

40‑540