Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Act 2013

29 Section DB 64 amended (Capital contributions)

(1)

Replace section DB 64(1)(b) with:

(b)

in the absence of this section, the person would be allowed a deduction for the relevant capital contribution property, or for the relevant expenditure for the capital contribution property; and

(2)

Replace section DB 64(2) with:

Deductions

(2)

For the purposes of quantifying the amount of depreciation loss under subpart EE (Depreciation) in relation to the capital contribution property or the amount of deduction under subpart DO (Farming and aquacultural business expenditure) in relation to expenditure for the capital contribution property,—

(a)

the capital contribution property’s adjusted tax value, base value, cost, or value, as applicable, is reduced by the amount of the capital contribution, under subpart EE:

(b)

the relevant expenditure for the capital contribution property is reduced by the amount of the capital contribution, under subpart DO.

(3)

In section DB 64, in the list of defined terms, insert “capital contribution property” and “expenditure”.

(4)

Subsections (1) to (3) apply for the 2011–12 and later income years.