Senate debates
Monday, 1 December 2008
Tax Laws Amendment (2008 Measures No. 5) Bill 2008
In Committee
9:41 pm
Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Government in the Senate) Share this | Hansard source
I have been seeking information on the issues you have been asking about, Senator Milne. If the secretary is not satisfied with the declaration, the signed document, he or she will tell the ATO that is the case and the deduction will be denied. This is consistent with the self-assessment that is throughout the income tax act. I am not sure I can add a lot to that. It has been designed in exactly the same way. This also addresses one of Senator Joyce’s points and addresses one of the points he has just raised. Yes, land is capital; I think we are in heated agreement on that, Senator Joyce. The land is separate from the trees. The trees are deductible but are separate from the land, which is not deductible.
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