Section DZ 17 — Income Tax Act 2007: Expenditure on improvements to aquacultural business before 1995–96 income year

DZ 17 Expenditure on improvements to aquacultural business before 1995–96 income year When this section applies (1) This section applies in an income year when a person incurs expenditure— (a) before the 1995–96 income year in making an improvement for the purposes of an aquacultural business; and (b) for which they would be allowed under section DO 12 (Improvements to aquacultural business) a deduction in the income year if the expenditure had been incurred in the 1995–96 income year or a later income year. Deduction (2) The person is allowed a deduction in the income year of an amount calculated using the formula— 125% × schedule percentage × diminished value. Definition of items in formula (3) In the formula,— (a) schedule percentage is the percentage set out opposite the description of the improvement in schedule 20, parts B to F , column 2 (Expenditure on farming, horticultural, aquacultural, and forestry improvements): (b) diminished value is the diminished value of the improvement. Link with subpart DA (4) This section overrides the capital limitation. The general permission must still be satisfied and the other general limitations still apply. Defined in this Act: amount , business , capital limitation , deduction , diminished value , general limitation , general permission , income year , Compare: 2004 No 35 s DZ 16