Project Pool - Environmental Assessment
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<p >Broadly, section 40-830 of the ITAA 1997 allows a deduction over the project life of a project for project amounts allocated to a project pool.
To be a 'project amount' within subsection 40-840(2) of the ITAA 1997, an amount must be capital expenditure which, in addition to satisfying paragraphs 40-840(2)(a) to 40-840(2)(c) of the ITAA 1997, is one of the amounts specified in subparagraphs 40-840(2)(d)(i) to 40-840(2)(d)(vii) of the ITAA 1997. The amount specified in subparagraph 40-840(2)(d)(iv) of the ITAA 1997 is an amount incurred for environmental <a href="http://law.ato.gov.au/atolaw/view.htm?rank=find&criteria=ANDassessmentsbasicexact&target=J%20JA&style=html&sdocid=AID/AID2004582/00001&recStart=41&PiT=99991231235958&recnum=51&tot=7745&pn=ALL:::ALL#HIT4" >«</a><a id="HIT5" name="HIT5"> </a>assessments<a href="http://law.ato.gov.au/atolaw/view.htm?rank=find&criteria=ANDassessmentsbasicexact&target=J%20JA&style=html&sdocid=AID/AID2004582/00001&recStart=41&PiT=99991231235958&recnum=51&tot=7745&pn=ALL:::ALL#HIT6" >»</a> for the project.
An environmental assessment is the undertaking of a study, the preparing or obtaining of a report or other documentation, or the carrying out of any other activity for the purpose of assessing the impact or likely impact of the project on the environment. For these purposes, the meaning of environment is not limited to the natural environment.</p>
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