INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteIn this Subdivision -
aircraft
means a machine or apparatus that derives support in the atmosphere from the reactions of the air or from buoyancy, but does not include an air-cushion vehicle.
(Repealed by No 34 of 2000)
Australian space object
has the same meaning as in the
Radiocommunications Act 1992
.
"commissioning date"
(Omitted by No 98 of 1992)
construction
includes manufacture and
constructed
has a corresponding meaning.
"eligible Australian ship"
(Omitted by No 98 of 1992)
"eligible date"
(Omitted by No 98 of 1992)
eligible property
means plant within the meaning of section
45-40
of the
Income Tax Assessment Act 1997
and includes earth tanks constructed for the purpose of conserving water for use in carrying on a business of primary production.
hire-purchase agreement
means a hire purchase agreement to which Division
240
of the
Income Tax Assessment Act 1997
applies.
lease
, in relation to property, means grant a lease of the property or let the property on hire otherwise than under a hire-purchase agreement, and cognate expressions have corresponding meanings.
leasing company
means a corporation that carries on in Australia as its sole or principal business
-
(a) the business of banking; or
(b) the business of borrowing money and providing finance,
not being a business the whole of the income from which is exempt income.
long-term lease agreement
, in relation to property, means an agreement under which a person agrees to take the property on lease for a period of not less than 4 years.
new
means not having previously been either used by any person or acquired or held by any person for use by that person, but does not include reconditioned or wholly or mainly reconstructed.
"new ship"
(Omitted by No 98 of 1992)
related company
, in relation to a company (the
first company
), means another company to which the first company is related within the meaning of section
51AE
(see subsections 51AE(16) to (19)).
ship
means a vessel or boat of any description, and includes an air-cushion vehicle, but does not include a floating structure.
"subsection
82AA(1)
property"
(Omitted by No 98 of 1992)
"subsection
82AA(2)
ship"
(Omitted by No 98 of 1992)
The reference in the definition of leasing company in subsection (1) to providing finance is a reference to:
(a) lending money, with or without security;
(b) letting property on hire under a hire-purchase agreement; or
(c) leasing property. 82AQ(3) [Meaning of acquisition of property]
(a) a reference to the acquisition of property by a person is a reference to:
(i) the person becoming the owner of the property or taking the property on hire under a hire-purchase agreement; or
(ii) the construction of the property for the person by another person or other persons on premises of the first-mentioned person;
(b) a reference to property being installed ready for use is a reference to property being installed ready for use and held in reserve; and
(c) a reference to taking property on lease is a reference to taking property on lease or on hire otherwise than under a hire-purchase agreement. 82AQ(3A) [Application]
(a) a unit 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 holder of the property for the purposes of Division 40 of the Income Tax Assessment Act 1997 ;
this Subdivision applies as if the taxpayer were the owner of the property instead of any other person.
(Repealed by No 77 of 2001)
82AQ(3B) [Definitions]
In subsection (3A), exempt Australian government agency , exempt foreign government agency and quasi-ownership right have the same meanings as in the Income Tax Assessment Act 1997 .
For the purposes of this Subdivision, an Australian space object is taken to be in Australia.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.