Document ID: chunk:federal_register_of_legislation:C2004C01190:clause:1_3:p4
Version: federal_register_of_legislation:C2004C01190
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 4/5)
Character Range: 57844–60406

40‑520  Special rule for water facilities you no longer hold

 (1) This section applies to you if:
 (a) you have deducted or can deduct an amount under Division 387 of the former Act for an amount (the qualifying amount) of expenditure on a water facility; and
 (b) you do not hold the water facility at the start of 1 July 2001.

 (2) Subdivision 40‑F of the new Act applies to the water facility on the basis specified in subsection 40‑515(2) of this Act, and no other taxpayer can deduct amounts for it under the new Act.

40‑525  Amounts deducted for water facilities

  The reference in subsection 40‑555(1) of the new Act to a person having deducted or being able to deduct an amount under Subdivision 40‑F of the new Act for expenditure on a water facility includes a reference to the person having deducted or being able to deduct an amount for it under:
 (a) Subdivision 387‑B of the former Act; or
 (b) section 75B of the Income Tax Assessment Act 1936.

Subdivision 40‑G—Capital expenditure of primary producers and other landholders

Table of sections

40‑645 Electricity supply and telephone lines
40‑650 Special rule for land that you no longer hold
40‑670 Farm consultants

40‑645  Electricity supply and telephone lines

 (1) This section applies to you if you have deducted or can deduct an amount under Division 387 of the former Act for an amount (the qualifying amount) of expenditure on:
 (a) connecting or upgrading the supply of mains electricity to land; or
 (b) a telephone line on land;
and you hold the land to which the electricity or telephone line relates at the start of 1 July 2001.

 (2) You deduct amounts for the qualifying amount under Subdivision 40‑G of the new Act in the same way you were writing it off under Division 387 of the former Act.

 (3) A reference in subsection 40‑650(4), (5) or (7) of the new Act to an amount being deducted under Subdivision 40‑G of that Act includes a reference to an amount being deducted under:
 (a) Subdivision 387‑F of the former Act; or
 (b) section 70 of the Income Tax Assessment Act 1936.

40‑650  Special rule for land that you no longer hold

 (1) This section applies to you if:
 (a) you have deducted or can deduct an amount under Division 387 of the former Act for an amount (the qualifying amount) of expenditure on connecting or upgrading the supply of mains electricity to land or a telephone line on land; and
 (b) you do not hold the land to which the electricity or telephone line relates at the start of 1 July 2001.

 (2) Subdivision 40‑G of the new Act applies to