Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 415 - Designated infrastructure projects  

Subdivision 415-C - Designating infrastructure projects  

Infrastructure project capital expenditure cap

SECTION 415-80   Acceptance of estimates of infrastructure project capital expenditure  

Acceptance of estimates

415-80(1)    

The *Infrastructure CEO must, by instrument in writing, accept the estimate of * infrastructure project capital expenditure if the following conditions are satisfied:

(a) the conditions prescribed by the * infrastructure project designation rules;

(b) if the infrastructure project designation rules do not prescribe any conditions - in the opinion of the Infrastructure CEO, the estimate is acceptable.

Revocation of instruments of acceptance

415-80(2)    

The *Infrastructure CEO must not revoke the instrument of acceptance if the infrastructure project is a * designated infrastructure project.

415-80(3)    

Subject to subsection (2), the *Infrastructure CEO must, by instrument in writing, revoke the instrument of acceptance in the circumstances prescribed by the * infrastructure project designation rules. The Infrastructure CEO must not revoke the instrument in any other circumstances.

415-80(4)    
Without limiting subsection (3), the circumstances the * infrastructure project designation rules may prescribe for the purposes of that subsection include:

(a) circumstances involving a failure by a prescribed entity to give prescribed information to the *Infrastructure CEO; and

(b) circumstances involving a failure by the applicant to amend the estimate in accordance with a request made by the Infrastructure CEO.

415-80(5)    

The * infrastructure project designation rules must prescribe matters to which the *Infrastructure CEO must have regard in requesting the applicant to amend the estimate, if the infrastructure project designation rules provide for the Infrastructure CEO to make such requests as mentioned in paragraph (4)(b).

415-80(6)    
If:

(a) the * infrastructure project designation rules provide for the *Infrastructure CEO to request the applicant to amend the estimate; and

(b) the applicant amends the estimate in accordance with such a request;

the acceptance is treated, from the time the amendment is made, as being an acceptance of the amended estimate.