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.