Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:11_1:p2
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 11 cl 1 (pt 2/8)
Character Range: 678861–681661

has authorised an officer of that Department to approve persons as farm consultants for the purposes of section 75D of the Income Tax Assessment Act 1936; and
 (b) the authority was in force immediately before 1 July 1997;
the authority also has effect on and after that day as an authority to approve persons as farm consultants for the purposes of Subdivision 387‑A of the Income Tax Assessment Act 1997 (until the authority is revoked).

 (4) Anything relating to an authority done under that Subdivision also has effect for the purposes of section 75D of the Income Tax Assessment Act 1936.

Subdivision 387‑B—Installations to conserve or convey water

Table of sections

387‑120 Application of Subdivision 387‑B of the Income Tax Assessment Act 1997
387‑140 Income Tax Assessment Act 1997 taken to apply to expenditure covered by section 75A or 75B of the Income Tax Assessment Act 1936

387‑120  Application of Subdivision 387‑B of the Income Tax Assessment Act 1997

 (1) Subdivision 387‑B of the Income Tax Assessment Act 1997 applies to assessments for the 1997-98 income year and later income years, in relation to capital expenditure relating to a water facility, regardless of when it was incurred.

 (2) For the purpose of applying that Subdivision in relation to expenditure you incurred before the 1997-98 income year, you are taken to have incurred the amount of expenditure for which you could deduct an amount under section 75B of the Income Tax Assessment Act 1936 for an income year before the 1997-98 income year.

Note: This means that you cannot get a deduction under that Subdivision for expenditure that you recouped before the 1997-98 income year.

[The next section is section 387‑140.]

387‑140  Income Tax Assessment Act 1997 taken to apply to expenditure covered by section 75A or 75B of the Income Tax Assessment Act 1936

  In determining whether section 387‑140 of the Income Tax Assessment Act 1997 prevents you from deducting expenditure on acquiring a water facility, treat the following amounts as if they had been deducted under Subdivision 387‑B of that Act:
 (a) an amount that was or can be deducted for any income year under section 75A or 75B of the Income Tax Assessment Act 1936 for earlier expenditure by any person on constructing or manufacturing the facility or on a previous acquisition of the facility;
 (b) an amount that could have been so deducted if the person who incurred the earlier expenditure had neither recouped it nor become entitled to recoup it.

[The next Subdivision is Subdivision 387‑D.]

Subdivision 387‑D—Establishing grapevines

Table of sections

387‑300 Application of Subdivision 387‑D of the Income Tax Assessment Act 1997
387‑315 Deduction for destruction of grapevine established before 1997-98 income year

387‑300