Taxation Laws Amendment Act (No. 3) 1992 (98 of 1992)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 11   Amendments relating to development allowance

67   Subdivision not to apply to certain other property

Section 82AF of the Principal Act is amended:

(a) by inserting before subparagraphs (1)(a)(i) and (b)(i) the following subparagraph:
              

"(ia) for use in a business carried on by the taxpayer which consists principally of the provision by the taxpayer of either or both of the following:

(A) entertainment;

(B) accommodation for tourists or travellers; or";

(b) by omitting paragraph (2)(h);
              

(c) by adding "or" at the end of paragraph (2)(j);
              

(d) by adding at the end of subsection (2) the following paragraphs:
              

"(k) aircraft; or

(l) ships other than ships covered by any of the following subparagraphs:

(i) ships that are:

(A) capable of navigating the high seas; and

(B) registered under the Shipping Registration Act 1981; and

(C) wholly and exclusively for use in trade or commerce within Australia;

(ii) ships that are:

(A) incapable of navigating the high seas; and

(B) wholly and exclusively for use in trade or commerce within Australia;

(iii) ships that are off-shore industry vessels, or off-shore industry mobile units, within the meaning of the Navigation Act 1912.";

(e) by omitting subsection (3A);
              

(f) by omitting from subsection (4) "1 January 1976" and substituting "27 February 1992".