Taxation Laws Amendment Act (No. 3) 1992 (98 of 1992)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 11   Amendments relating to development allowance

77   Before section 82AQ

Before section 82AQ of the Principal Act the following section is inserted:

Leases etc. granted in an entity's capacity as an eligible entertainment/tourism operator

"82APA.(1) For the purposes of this Subdivision, if:

(a) an entity:

(i) leases property; or

(ii) grants a right to another person to use property; or

(iii) enters into a contract or arrangement with another person for the use of the property by that other person; and

(b) the property is:

(i) for use in a business carried on by the entity which consists principally of the provision by the entity of either or both of the following:

(A) entertainment;

(B) accommodation for tourists or travellers; or

(ii) for use in a business carried on by the entity a substantial part of which consists of the provision by the entity of accommodation for tourists or travellers; or

(iii) for use in premises used or held for use by the entity principally for the purpose of deriving income in the nature of rent by the provision of accommodation for tourists or travellers;

the entity is taken to have leased the property, granted rights to use the property, or entered into a contract or arrangement with the other person for the use of the property by that other person, as the case requires, in the entity's capacity as an eligible entertainment/tourism operator.

"(2) In this section:

'entity' means:

(a) a company; or

(b) a partnership; or

(c) a person in a particular capacity of trustee; or

(d) any other person.".