DEVELOPMENT ALLOWANCE AUTHORITY ACT 1980 (ARCHIVE)

CHAPTER 2 - DEVELOPMENT ALLOWANCE  

PART 6 - TRANSFER OF BENEFITS OF REGISTRATION OR CERTIFICATE  

Division 3 - Re-constituted partnerships  

SECTION 77 (ARCHIVE)  

77   DAA MAY DIRECT THAT PLANT BE TREATED AS NEW PLANT  
If:

(a) the new partnership has acquired from the old partnership, or proposes to acquire from the old partnership, a unit of plant that was new in the hands of the old partnership; and

(b) the acquisition has taken place, or will take place, in the course of the new partnership's takeover, or proposed takeover, of the completion of the project (with or without modification); and

(c) the DAA considers that it would be reasonable to treat the unit of plant as new in the hands of the new partnership;

the DAA may:

(d) make a decision on the application on the assumption that the unit of plant was new in the hands of the new partnership when the plant was or is so acquired by the new partnership; and

(e) give the old partnership and the new partnership a written direction that, if the DAA grants the application for transfer of the benefits of the registration or the certificate, this Act and Subdivision B of Division 3 of Part III of the Tax Act are taken to have, and to have had, effect as if the unit of plant:

(i) were new in the hands of the new partnership when the plant was or is so acquired by the new partnership; and

(ii) were not new in the hands of the old partnership at any time.