Tax Laws Amendment (2007 Measures No. 5) Act 2007 (164 of 2007)

Schedule 1   Tax preferred entities (asset financing)

Part 2   Consequential amendments

Income Tax Assessment Act 1997

46   At the end of subsection 40-525(1)

Add:

Note: If Division 250 applies to you and an asset that is a water facility:

(a) if section 250-150 applies - the condition in this subsection is taken to be satisfied for the facility to the extent specified in a determination made under subsection 250-150(3); or

(b) otherwise - the condition in this subsection is taken not to be satisfied for the facility.