Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Government in the Senate) Share this | Hansard source

Senator Parry, don’t draw me with clever, witty interjections. Depreciating assets decline in value. They are assets that waste, like machinery and equipment, trucks et cetera. Taxpayers are allowed to claim deductions for declines in value under division 40 of the Income Tax Assessment Act and, as referred to before, division 40 explicitly says you cannot get a deduction for land.