Taxation Laws Amendment Act 1993 (Repealed) (17 of 1993)

Part 6   AMENDMENT OF THE TAXATION LAWS AMENDMENT ACT (No. 3) 1992

Division 2   Amendments relating to pre-27 February 1992 property installed on leased Crown land

65   Application of amendments relating to depreciation of property on leased Crown land

Section 38 of the Principal Act is amended:

(a) by omitting "or" from the end of paragraph (3)(d) and substituting "and";

(b) by omitting from paragraph (3)(e) "in any other case" and substituting "if paragraph (d) does not apply";

(c) by omitting from subparagraph (3)(e)(v) "enacted." and substituting "enacted; and";

(d) by adding at the end of subsection (3) the following paragraph:

"(f) if paragraph (d) does not apply-the depreciated value of the property at a time when the property was owned by the taxpayer were worked out as if the assumptions set out in subparagraphs (e)(i) to (v) (inclusive) were made.".

NOTE ABOUT SUBSECTION HEADINGS

1. On the day on which section 57AF of the Income Tax Assessment Act 1936 is amended by this Act, headings to subsections of that section (as renumbered in accordance with this Act) are inserted as set out in the following table:

Heading to Heading to be inserted

Subsection 57AF(1) (Units of property to which this section

applies)

Subsetion 57AF(10) (Reduced disposal price in return for

discount)

Subsection 57AF(11) (Meaning of "market value")

Subsection 57AF(12) (Definitions)