Taxation Laws Amendment Act (No. 2) 1999 (93 of 1999)

Schedule 3   Depreciation of plant previously owned by an exempt entity

Part 1   Income Tax Assessment Act 1997

15   Subsection 995-1(1) (definition of exempt entity)

Repeal the definition, substitute:

exempt entity means:

(a) in Division 58:

(i) an exempt Australian government agency; or

(ii) any other entity whose*ordinary income and*statutory income are exempt from income tax; or

(b) otherwise:

(i) an entity whose*ordinary income and*statutory income are exempt from income tax because of Division 50; or

(ii) an entity whose*ordinary income and*statutory income are exempt from income tax because of any*Commonwealth law other than this Act.