s 40-520
In forceSpecial rule for water facilities you no longer hold
Chapter 2Liability rules of general application
Part 2-10Capital allowances: rules about deductibility of capital expenditure
Division 40Capital allowances
Subdivision 40-FPrimary production depreciating assets
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.
Research tools for this sectionPro
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.