New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001 (77 of 2001)
Schedule 2 General consequential amendments
Airports (Transitional) Act 1996
6 After section 51A
Insert:
51B Acquisition of depreciating asset from the FAC - Division 40 of the Income Tax Assessment Act 1997
(1) This section applies to a depreciating asset that was transferred from the FAC to a company under section 30.
(2) The Minister for Finance may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.
Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40-180(2) of the Income Tax Assessment Act 1997.
(3) The FAC must give the Minister for Finance such information as the Minister for Finance requires about the application of Subdivision 40-D of the Income Tax Assessment Act 1997 to the asset and to the FAC.
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