INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART XII - DROUGHT INVESTMENT ALLOWANCE  

Division 8 - Definitions etc.  

SECTION 673   OWNERSHIP OF ITEM  

673(1)   [Application]  

If:

(a) an item of property is attached to land that a taxpayer holds under a quasi-ownership right granted by an exempt Australian government agency or an exempt foreign government agency; and

(b) the taxpayer is the quasi-owner of the property for the purposes of Division 42 of the Income Tax Assessment Act 1997 ;

this Part applies as if the taxpayer were the owner of the property instead of any other person.

673(1A)   [Quasi-owner under 1997 Act]  

If a taxpayer is the quasi-owner of property under section 42-312 of the Income Tax Assessment Act 1997 , this Part applies as if the taxpayer were the owner of the property instead of any other person.

673(2)   [1997 Act definitions]  

In subsection (1), exempt Australian government agency , exempt foreign government agency , quasi-owner and quasi-ownership right have the same meanings as in the Income Tax Assessment Act 1997 .

673(3)   [Application]  

For the purpose of this Part, disregard an acquisition or disposal of property by way of the transfer of the property for the provision or redemption of a security. Consequently this Part applies as if the person who was the owner of the property before the transfer continues to be the owner after the transfer.