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Schedule 1—Fodder storage assets

Schedule 1 Fodder storage assets

   

Income Tax Assessment Act 1997

1  Subsection 40-515(1) (note 1)

Omit “and 40-545”, substitute “, 40-545, 40-548 and 40-551”.

2  Section 40-548

Repeal the section, substitute:

40-548   How you work out the decline in value for fodder storage assets

                   The decline in value of a * fodder storage asset for the income year in which you incurred the expenditure is the amount of capital expenditure you incurred on the construction, manufacture, installation or acquisition of the fodder storage asset.

3  Application

The amendments made by this Schedule apply to a fodder storage asset if the asset’s start time occurs on or after 19 August 2018.