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| Issue:
DO 6(2)(c), DO 6(3)(c),
DP 3(2)(c), DP 3(3)(c)
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| Submission Number |
049 |
| Submitter |
David H. Russell, Busing Russell + Co Ltd. |
Section / Provision Income Tax Act 2004 |
DO 6(2)(c), DO 6(3)(c), DP 3(2)(c), DP 3(3)(c) |
Date Received |
31/03/06 |
| Description of issue |
Black hole expenditure. Amortisation of Aquaculture and Forestry development expenditure.
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| Section / Provision Income Tax Act 1994 |
DO 5 & Schedule 7, Part C D E F G, DL 2 & Schedule 7, Part B |
| Status |
Finalised |
| Outcome |
The Panel noted that this is an intended legislative change that should have been included in Schedule 22A of the ITA 2004. However, based on information newly obtained from practitioners, the Panel concluded that the provisions are not spent and recommended that the ITA 2004 should be amended to restore the deductibility that was available under the ITA 1994. It noted that, depending on the amendment that is made, Schedule 22A may or may not need to be amended. |
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