Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p6
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 6/9)
Character Range: 212152–214711

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) former 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 the qualifying amount on the basis specified in that Subdivision, and no other taxpayer can deduct amounts for it under the new Act.

40‑670  Farm consultants
  A person approved as a farm consultant under Subdivision 387‑A of the former Act is taken to be approved as a farm consultant under section 40‑670 of the new Act.

Subdivision 40‑I—Capital expenditure that is deductible over time

Table of sections
40‑825 Genuine prospectors
40‑832 New method not to apply in some cases

40‑825  Genuine prospectors
  The exemption provided by section 330‑60 of the former Act continues to apply to ordinary income derived before 20 August 2001.

40‑832  New method not to apply in some cases
  If:
 (a) on or after 10 May 2006 you abandon, sell or otherwise dispose of a project; and
 (b) you have deducted or can deduct amounts for project amounts in relation to that project; and
 (c) on or after that day, you start to operate that project again; and
 (d) it is reasonable to conclude that you did this for the main purpose of ensuring that deductions for project amounts in relation to that project would be worked out under section 40‑832 of that