Document ID: chunk:federal_register_of_legislation:C2004A00844:clause:1_6:p8
Version: federal_register_of_legislation:C2004A00844
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 8/18)
Character Range: 133658–136559

the arrangement with whom you did not deal at *arm's length; and
 (b) apart from this section, the amount of the expenditure would be more than the *market value of what it was for;
the amount of expenditure you take into account under this Subdivision is that market value.

40‑665  How this Subdivision applies to partners and partnerships

 (1) This section applies to allocate expenditure to you for the purposes of this Subdivision if you were a partner in a partnership when it incurred capital expenditure during an income year.

 (2) For the purposes of this Subdivision, you are taken to have incurred during that income year:
 (a) the amount of the expenditure that the partners agreed you should bear; or
 (b) if there was no such agreement—the proportion of the expenditure equal to the proportion of your individual interest in the net income or partnership loss of the partnership for that income year.

 (3) Disregard this section when working out the net income or partnership loss of the partnership under section 90 of the Income Tax Assessment Act 1936.

40‑670  Approval of persons as farm consultants

 (1) A person may be approved in writing as a farm consultant by:
 (a) the Secretary of the Department of Agriculture, Fisheries and Forestry; or
 (b) an officer of that Department who has been authorised in writing by that Secretary to approve persons as farm consultants.

Note: This subsection also allows the approval of an individual as a farm consultant to be revoked. See subsection 33(3) of the Acts Interpretation Act 1901.

 (2) The following matters must be taken into account when deciding whether to approve a person as a farm consultant:
 (a) the person's qualifications, experience and knowledge relating to *land conservation and farm management;
 (b) the person's standing in the professional community;
 (c) any other relevant matters.

40‑675  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 40‑H—Capital expenditure that is immediately deductible

Guide to Subdivision 40‑H

40‑725  What this Subdivision is about

      You get an immediate deduction for certain capital expenditure on:
         • exploration or prospecting; and
         • rehabilitation of mining or quarrying sites; and
         • paying petroleum resource rent tax; and
         • environmental protection activities.

Table of sections

Operative provisions

40‑730 Deduction for expenditure on exploration or prospecting
40‑735 Deduction for expenditure on mining site rehabilitation
40‑740 Meaning of ancillary activities and mining building site
40‑745 No deduction for certain expenditure
40‑750 Deduction for payments of