Document ID: chunk:federal_register_of_legislation:C2004A02159:body:0:p4
Version: federal_register_of_legislation:C2004A02159
Segment Type: other
Provision Reference: 
Character Range: 7153–9751

relation to a taxpayer in relation to property acquired by the taxpayer after 25 June 1979 otherwise than under a contract entered into on or before that date.
(3) The amendment made by paragraph (1)(a) applies in relation to a taxpayer in relation to property constructed by the taxpayer if the construction commenced after 25 June 1979.
(4) Subject to sub-section (5), the amendment made by paragraph (1)(b) applies in relation to a taxpayer in relation to property acquired by the taxpayer after 12 June 1979 otherwise than under a contract entered into on or before that date.
(5) The amendment made by paragraph (1)(b) applies in relation to a taxpayer in relation to property constructed by the taxpayer if the construction commenced after 12 June 1979.

7. After section 57ad of the Principal Act the following section is inserted:

Special depreciation on property used for storage of grain, hay or fodder
"57ae. (1) This section applies to a unit of property in relation to a taxpayer in relation to a year of income if, and only if—
     (a) depreciation is allowable to the taxpayer under section 54 in respect of the unit of property in relation to that year of income;
     (b) the unit of property is situated on land on which a business of primary production was carried on during the year of income;
     (c) the unit of property is a structural improvement that, during the year of income, was used, or was installed ready for use, for the purpose of the storage of grain, hay or fodder in the course of the carrying on of that business; and

     (d) the unit of property—
          (i) was acquired by the taxpayer under a contract entered into after 21 August 1979; or
          (ii) was constructed by the taxpayer and commenced to be constructed after 21 August 1979.
"(2) Notwithstanding anything contained in sections 55, 56, 56a and 57—
     (a) the depreciation allowable to a taxpayer under this Act in relation to a year of income in respect of a unit of property to which this section applies in relation to the year of income is 20% of the cost of the unit;
     (b) the depreciation referred to in paragraph (a) shall commence to be allowed to the taxpayer in relation to the year of income (in this sub-section referred to as the 'relevant year of income') during which that unit is first used for the purpose of producing assessable income or is first installed ready for use for that purpose; and
     (c) no depreciation is allowable to the taxpayer in respect of that unit in relation to any year of income after the fourth year of income succeeding the relevant