INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 43 - Deductions for capital works  

Subdivision 43-E - Special rules about uses  

Operative provisions

SECTION 43-175   Own use - hotel and apartment buildings  

43-175(1)  

An entity is taken not to have used a bedroom in a ^* hotel building, or an apartment, unit or flat in an ^* apartment building, for the ^* purpose of producing assessable income at a time if, at that time, the bedroom, apartment, unit or flat is used, or reserved for use, by:

(a) the entity; or

(b) if the entity is a partnership - any of the partners in the partnership.

Note:

This subsection affects Tables 43-140 and 43-145 .

43-175(2)  

Also, an entity is taken not to use a bedroom in a ^* hotel building, or an apartment, unit or flat in an ^* apartment building for any purpose at a time if:

(a) at that time, a *right to use or a right to occupy the bedroom, apartment, unit or flat was vested in the entity; and

(b) that right was vested in the entity because the entity was, at that time, a member of a company, a beneficiary of a trust estate or a partner in a partnership.

Note:

This subsection affects Tables 43-90 , 43-140 and 43-145 .