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 1/26)
Character Range: 1223546–1226260

3                                                           section 118‑12  plant used to produce exempt income

45‑35  Limit on amount included for plant for which there is a CGT exemption
 (1) For *plant to which subsection 45‑30(3) applies there is a limit on the amount that can be included in your assessable income under subsection 45‑5(2) or 45‑10(2).
 (2) The limit for subsection 45‑5(2) is the lesser of:
 (a) the excess referred to in paragraph 45‑5(1)(e); and
 (b) the amounts you have deducted or can deduct for the decline in value of the *plant or, if you disposed of an interest in the plant, so much of those amounts as is attributable to that interest.
 (3) The limit for subsection 45‑10(2) is the lesser of:
 (a) the excess referred to in paragraph 45‑10(1)(f); and
 (b) that part of the amounts the partnership has deducted or can deduct for the decline in value of the *plant that has been or would be reflected in your interest in the partnership net income or partnership loss (your partnership amount) or, if you disposed of part of your interest in the plant, so much of your partnership amount as is attributable to that part of that interest.

45‑40  Meaning of plant and written down value
 (1) Plant includes:
 (a) articles, machinery, tools and rolling stock; and
 (b) animals used as beasts of burden or working beasts in a *business, other than a *primary production business; and
 (c) fences, dams and other structural improvements, other than those used for domestic or residential purposes, on land that is used for agricultural or pastoral operations; and
 (d) structural improvements, other than a *forestry road or structural improvements used for domestic or residential purposes, on land used in a business involving:
 (i) planting or tending trees in a plantation or forest that are intended to be felled; or
 (ii) felling trees in a plantation or forest; or
 (iii) transporting trees, or parts of trees, that you felled in a plantation or forest to the place where they are first to be milled or processed, or from which they are to be transported to the place where they are first to be milled or processed; and
 (e) structural improvements, other than those used for domestic or residential purposes, that are used wholly for operations (carried out in the course of a business) relating directly to:
 (i) taking or culturing pearls or pearl shell; or
 (ii) taking or catching trochus, bêche‑de‑mer or green snails;
  and that are situated at or near a port or harbour from which the business is conducted; and
 (f) structural improvements that are excluded from paragraph (c), (d) or (e) because they are used for domestic or residential purposes if they are provided