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

68   Disposal etc. of property within 12 months after installation etc.

Section 82AG of the Principal Act is amended:

(a) by omitting paragraph (1)(b) and substituting the following paragraph:
              

"(b) the taxpayer:

(i) leased the property; or

(ii) let the property on hire under a hire-purchase agreement; or

(iii) otherwise granted a right to another person to use the property; or";

(b) by inserting after subsection (1) the following subsection:
              

"(1A) Subparagraphs (1)(b)(i) and (iii) do not apply if the taxpayer leased the property, or granted rights to use the property, in the taxpayer's capacity as an eligible entertainment/tourism operator.";

(c) by omitting subsections (2A) and (2B);
              

(d) by omitting subsection (3A) and substituting the following subsection:
              

"(3A) Paragraphs (3)(d) and (f) do not apply if the lessee entered into the contract or arrangement concerned in the lessee's capacity as an eligible entertainment/tourism operator.";

(e) by adding at the end the following subsection:
              

"(5) Subsection (4) does not apply if the lessee entered into the contract or arrangement concerned in the lessee's capacity as an eligible entertainment/tourism operator.".