INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART XII - DROUGHT INVESTMENT ALLOWANCE  

Division 6 - Special provisions about leasing companies  

Subdivision A - Partnerships  

SECTION 664  

664   LOSS OF PARTNER DEDUCTION WHERE DISPOSAL BY PARTNERSHIP ETC. WITHIN 12 MONTHS  
A partner is not entitled to a deduction resulting from section 661 if, before the end of 12 months after the item of drought mitigation property is first used, or installed ready for use, by the lessee:

(a) the partnership disposes of the item to a person other than the lessee, or the item is lost or destroyed; or

(b) the lessee uses the item outside Australia or for a purpose other than that of producing assessable primary production income; or

(c) the lease is terminated other than by the lessee acquiring the item; or

(d) while the lease is in force, the lessee enters into a contract or arrangement with another person for the use of the item by the other person; or

(e) the lessee acquires the item and disposes of it; or

(f) the lessee acquires the property and enters into a contract or arrangement with another person for the use of the item by the other person.