S 124T repealed by No 164 of 2007, s 3 and Sch 10 item 41, effective 1 July 2010. S 124T formerly read:
SECTION 124T CONSIDERATION RECEIVABLE ON DISPOSAL
124T(1)
Subject to this section, for the purposes of this Division, the consideration receivable by the owner of a unit of industrial property in respect of the disposal of the unit in whole or in part shall be taken to be:
(a)
where the unit is sold in whole or in part (whether with or without other property) for a specified price
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the sale price of the unit or part of the unit, less the expenses of the sale of the unit or part of the unit or such part of the expenses of the sale of the unit or part of the unit together with the other property as the Commissioner determines;
(b)
where the unit is sold in whole or in part together with other property and a specified price is not allocated to the unit or the part of the unit
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such part of the sale price of the unit or part of the unit together with the other property as the Commissioner determines, less such part of the expenses of the sale of the unit or part of the unit together with the other property as the Commissioner determines; or
(c)
where the unit is transmitted by operation of law:
(i)
if the unit is transmitted in whole
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an amount equal to the residual value of the unit in relation to that owner of the unit immediately before the time of the transmission of the unit; or
(ii)
if the unit is transmitted in part
-
such part of that residual value as is determined by the Commissioner.
124T(2)
Where the owner of a unit of industrial property to whom this Division applies disposes of the unit in whole or in part to another person and:
(a)
the Commissioner is satisfied, having regard to any connection between the owner and that other person or to any other relevant circumstances, that the owner and that other person were not dealing with each other at arm's length in relation to the disposal; and
(b)
there was no amount receivable by the owner in respect of the disposal or the amount receivable by the owner in respect of the disposal was less than the value of the unit or the part of the unit at the time of the disposal,
the consideration receivable by the owner in respect of the disposal for the purposes of this Division shall be taken to be the amount that was the value of the unit or the part of the unit at the time of the disposal.
124T(3)
Where:
(a)
the owner of a unit of industrial property to whom this Division applies disposes of the unit in whole or in part; and
(b)
the whole or a part of the amount receivable by the owner in respect of the disposal has been included or is to be included in the assessable income of the owner of any year of income under any provision of this Act other than a provision of this Division,
then, for the purposes of this Division, the consideration receivable by the owner in respect of the disposal shall be reduced by so much of that amount as has been so included or is to be so included.
S 124T substituted by No 172 of 1978.
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