Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:1_3:p11
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 11/24)
Character Range: 437759–440633

knowledge relating to land conservation and farm management;
 (b) the person's standing in the professional community;
 (c) any other relevant matters.

387-90  Review of decisions relating to approvals

  A person may apply to the *AAT for review of a decision (as defined in the Administrative Appeals Tribunal Act 1975):
 (a) to refuse to approve the person as a farm consultant; or
 (b) to revoke the approval of the person as a farm consultant.

Subdivision 387-B—Facilities to conserve or convey water

Guide to Subdivision 387-B

387-120  What this Subdivision is about

      You can deduct over 3 years capital expenditure on a facility, if you incur the expenditure to conserve or convey water for a primary production business you conduct on land in Australia.

Table of sections

Deductions

387-125 Deduction for expenditure on water facilities
387‑130 Meaning of water facility

Limits on deductions

387‑135 Reduced deduction for certain uses of water facility
387‑140 No deduction for acquisition of water facility if anyone can deduct certain earlier expenditure on the facility
387-145 Application of Common rule 2

Partnerships

387‑150 How this Subdivision applies to partners and partnerships

Deductions

387-125  Deduction for expenditure on water facilities

 (1) You can deduct an amount under subsection (2) for capital expenditure that you incur on the construction, manufacture, installation or acquisition of a *water facility, if you incur it primarily and principally for the purpose of conserving or conveying water for use in a *primary production business that you conduct on land in Australia.

 (2) You can deduct one third of your capital expenditure:
 (a) for the income year in which you incur the expenditure; and
 (b) for each of the next 2 income years.

Note 1: Various provisions may reduce the amount you can deduct or stop you deducting. For example, see:
  *    Division 26 of this Act (limiting deductions generally);
  *    sections 387‑135, 387‑140 and 387‑145 of this Act (limiting your deductions under this Subdivision);
  *    Division 245 of Schedule 2C to the Income Tax Assessment Act 1936 (which may affect your entitlement to a deduction if your debts are forgiven).

Note 2: If you recoup an amount of the expenditure, the amount will be included in your assessable income. See Subdivision 20‑A.

387‑130  Meaning of water facility

 (1) A water facility is:
 (a) an item of *plant; or
 (b) a structural improvement; or
 (c) an alteration, addition or extension to an item of *plant or a structural improvement.

 (2) Examples of a *water facility include a dam, earth tank, underground tank, concrete tank, metal tank, tank stand, bore, well, irrigation channel (or similar improvement), pipe, pump, water tower or windmill.

Limits on deductions

387‑135  Reduced deduction for certain uses of water