Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p5
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 5/9)
Character Range: 209714–212391

an amount under Division 387 of the former Act for an amount (the qualifying amount) of expenditure on any of these (the primary production asset):
 (a) the construction, manufacture, installation or acquisition of a water facility; or
 (b) the establishment of horticultural plants; or
 (c) the establishment of grapevines;
and you would have been able to deduct amounts for the qualifying amount for the income year in which 1 July 2001 occurs under the former Act if it had continued to apply.
 (2) Subdivision 40‑F of the new Act applies to the primary production asset on this basis:
 (a) the qualifying amount is taken to be:
 (i) for a water facility—the amount of capital expenditure you incurred on the construction, manufacture, installation or acquisition of the water facility; or
 (ii) for a horticultural plant or a grapevine—the amount of capital expenditure incurred that is attributable to the establishment of the plant or grapevine; and
 (b) for horticultural plants, you use the effective life determined under section 387‑175 of the former Act; and
 (c) amounts that have been deducted or can be deducted for the qualifying amount under the former Act or the Income Tax Assessment Act 1936 are taken to be a decline in value under Subdivision 40‑F of the new Act.

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) former 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)