DO 9BMeaning of diminished value

1. In section DB 46 (Avoiding, remedying, or mitigating effects of discharge of contaminant or making of noise), sections DO 4, DO 5, DO 11, DO 12, DO 13, DP 3, DP 4, DZ 17, DZ 18, and schedule 20 (which relate to improvements to land and aquacultural business), diminished value, for an income year, means the amount calculated using the formula—

   $amount\; of\; expenditure\; +\; income\; derived\; -\; deductions\; allowed.$

   Where:

2. In the formula in subsection (1),—

3. amount of expenditure is the amount of expenditure incurred—
   1. on an improvement described in section DO 4, DO 5, DO 12, or DP 3:
   2. of a type described in section DB 46:
4. income derived is the total amount of income derived under section CB 28(8) (Environmental restoration accounts) in relation to the expenditure:
5. deductions allowed is the total amount allowed as a deduction for the expenditure to any person—
   1. in any earlier income years under this Act or an earlier Act:
   2. in the income year under this Act, except an amount allowed in the income year under section DB 46, DO 4, DO 5, DO 6, DO 12, or DP 3.

Notes

• Section DO 9B: inserted (with effect on 1 April 2008), on 28 March 2024, by section 49(1) (and see section 49(2) for application) of the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024 (2024 No 11).