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Monday, 1 December 2008
Page: 7767


Senator CONROY (Minister for Broadband, Communications and the Digital Economy) (9:35 PM) —If I could start by responding to Senator Joyce.


Senator Joyce —Ah!


Senator CONROY —We have not forgotten you, Senator Joyce.


Senator Parry interjecting—


Senator CONROY —Senator Parry, don’t draw me with clever, witty interjections. Depreciating assets decline in value. They are assets that waste, like machinery and equipment, trucks et cetera. Taxpayers are allowed to claim deductions for declines in value under division 40 of the Income Tax Assessment Act and, as referred to before, division 40 explicitly says you cannot get a deduction for land.