S 124UA repealed by No 164 of 2007, s 3 and Sch 10 item 41, effective 1 July 2010. S 124UA formerly read:
SECTION 124UA EFFECTIVE LIFE OF CERTAIN UNITS OF INDUSTRIAL PROPERTY
124UA(1)
Subject to this section, for the purposes of this Division, the effective life of a unit of industrial property that relates to a copyright subsisting in an Australian film shall, in relation to the owner of the unit, be deemed to have commenced at the commencement of the year of income during which the owner of the unit first used that unit, or the subject-matter to which that unit relates, for the purpose of producing assessable income and shall end:
(a)
where the unit was purchased or otherwise acquired by him for a specified period
-
at the end of the year of income next succeeding the year of income during which the unit was first so used or at the end of the year of income during which the specified period will terminate, whichever will first occur; or
(b)
in any other case
-
at the end of the year of income next succeeding the year of income during which the unit was first so used.
124UA(2)
The owner of a unit of industrial property that relates to a copyright subsisting in an Australian film may elect that this Division does not apply in relation to that unit.
History
S 124UA(2) substituted by No 147 of 2005.
124UA(3)
An election under subsection (2) must be made on or before the last day for the furnishing of the owner's return of income of the year of income during which the owner first used that unit, or the subject-matter to which the unit relates, for the purpose of producing assessable income, or within such further time as the Commissioner allows.
History
S 124UA(3) amended by No 101 of 1992.
124UA(4)
This section does not apply in relation to a unit of industrial property that relates to a copyright subsisting in an Australian film if the unit, or the subject-matter to which the unit relates, was used for the purpose of producing income before 22 November 1977.
S 124UA inserted by No 172 of 1978.
View history note
Hide history note