INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history noteSubject to subsection (2), a partner is not entitled to a deduction resulting from section 661 if:
(a) 12 months or more after the item of drought mitigation property is first used, or installed ready for use, by the lessee and before the end of the term of the lease, the partnership disposes of the item to a person other than the lessee or any of the things mentioned in paragraphs 664(b) to (f) happens; and
(b) when the lessee took the item on lease:
(i) the partnership intended to dispose of the item; or
(ii) the lessee intended to do the thing mentioned in paragraph 664(b), (d), (e) or (f); or
(iii) the lessee intended to cause the lease to be terminated as mentioned in paragraph 664(c);
as the case requires.
666(2) Commissioner may determine that entitlement not wholly lost.If the Commissioner determines that the partner should not lose the entitlement to the whole or part of the deduction, subsection (1) does not apply to the whole or the part.
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