Taxation Laws Amendment Act (No. 3) 1992 (98 of 1992)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 8   Amendments relating to deductions for capital expenditure on traveller accommodation

43   Deduction in respect of destruction of building

Section 124ZE of the Principal Act is amended:

(a) by omitting from paragraphs (1)(e), (2)(e), (3)(e) and (4)(e) "in the prescribed manner" (wherever occurring) and substituting "in the eligible manner";
          

(b) by inserting in paragraphs (1)(f) and (3)(f) "so much of" before "the residual capital expenditure";
          

(c) by inserting in paragraph (1)(f) "as is attributable to the hotel part" after "qualifying hotel expenditure";
          

(d) by inserting in paragraph (3)(f) "as is attributable to the apartment part" after "qualifying apartment expenditure";
          

(e) by adding at the end the following subsection:
          

"(7) For the purposes of the application of this section to an amount of qualifying hotel expenditure or qualifying apartment expenditure in respect of a building, a part of the building is taken to be used in an eligible manner if:

(a) in the case of pre-18 July 1985 qualifying hotel expenditure or pre-18 July 1985 qualifying apartment expenditure - the part of the building was used in the prescribed manner; or

(b) in the case of post-26 February 1992 qualifying hotel expenditure or post-26 February 1992 apartment expenditure - the part of the building was used for the purpose of producing assessable income.".