Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 40.760

Expenditure you cannot deduct

  (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.