INCOME TAX ASSESSMENT ACT 1997 - SECT 40.760 Limits on deductions from environmental protection activities
INCOME TAX ASSESSMENT ACT 1997 - SECT 40.760
Limits on deductions from environmental protection activities(1) You cannot deduct an amount under section 40 - 755 for an income year for:
(a) expenditure for acquiring land; or
(b) capital expenditure for constructing a building, structure or structural improvement; or
(c) capital expenditure for constructing an extension, alteration or improvement to a building, structure or structural improvement; or
(d) a bond or security (however described) for performing * environmental protection activities; or
(e) expenditure to the extent that you can deduct an amount for it under a provision of this Act outside this Subdivision.
Note: You may be able to deduct expenditure described in paragraph (1)(b) or (c) under Division 43 (which deals with capital works).
(2) In particular, you cannot deduct under section 40 - 755 expenditure to the extent that you incur it on carrying out an activity for environmental impact assessment of your project.
(3) However, a provision of this Act (except Division 8
(which is about deductions)) that expressly prevents or restricts the
operation of that Division applies in the same way to section 40 - 755.