s 40-650
In forceSpecial rule for land that 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-GCapital expenditure of primary producers and other landholders
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.
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