Taxation Laws Amendment Act 1993 (17 of 1993)

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 7   Amendments relating to arrangements for the financing of property

25   After section 122T of the Principal Act the following section is inserted

"122U. Modification of section 51AD and Division 16D-lessee of property deemed to be owner etc.

(1) This section applies if:

(a) deductions have been allowed or are allowable under this Division to a taxpayer in respect of property; and

(b) the taxpayer is not the owner of the property for the purposes of an eligible anti-avoidance provision.

"(2) The eligible anti-avoidance provision, to the extent to which that provision relates to deductions under this Division, applies as if the taxpayer were the owner of the property instead of any other person.

"(3) In this section:

'eligible anti-avoidance provision' means:

(a) section 51AD; or

(b) Division 16D.".