Document ID: chunk:federal_register_of_legislation:C2019A00095:clause:3_3:p3
Version: federal_register_of_legislation:C2019A00095
Segment Type: clause
Provision Reference: sch 3 cl 3 (pt 3/3)
Character Range: 17869–18800

a loss or outgoing relating to holding land if, at the critical time (see paragraph (1)(b)):
 (a) the land is under lease, hire or licence to another entity; and
 (b) you are, or an entity referred to in paragraph (2)(b), (c) or (d) is, carrying on a *primary production business; and
 (c) the land does not contain *residential premises; and
 (d) residential premises are not being constructed on the land.

Exception—land in use or available for use in carrying on a business
 (9) Subsection (1) does not stop you deducting a loss or outgoing relating to holding land if, at the critical time (see paragraph (1)(b)):
 (a) the land is under lease, hire or licence to another entity as a result of a dealing at *arm's length; and
 (b) the land is in use, or available for use, in carrying on a *business; and
 (c) the land does not contain *residential premises; and
 (d) residential premises are not being constructed on the land.