Section DO 7 — Income Tax Act 2007: Accounting for expenditure on listed horticultural plants under sections DO 5 and DO 6

DO 7 Accounting for expenditure on listed horticultural plants under sections DO 5 and DO 6 Separate accounting for additional listed horticultural plants if deduction under section DO 6 (1) A person to whom section DO 5 applies must, for an income year and for later income years for which subsection (2) does not apply, account separately under sections DO 5 and DO 6 for listed horticultural plants if— (a) the person has had a deduction under section DO 6 for 1 or both of the 2 income years preceding the income year; and (b) the person acquires the listed horticultural plants in the income year; and (c) the listed horticultural plants benefit the business of the person in the income year; and (d) the listed horticultural plants are not replacement plants. Combined accounting for listed horticultural plants if no deduction under section DO 6 (2) Despite subsection (1), a person may account under sections DO 5 and DO 6 for listed horticultural plants as 1 planting for an income year and later income years if the person has had no deduction under section DO 6 for both of the 2 income years preceding the income year. Defined in this Act: deduction , income year , listed horticultural plant , planting , replacement plant , Compare: 2004 No 35 s DO 4D