Tax Law Improvement Act 1997 (121 of 1997)

Schedule 6   Depreciation

Part 3   Consequential amendment of the Income Tax Assessment Act 1936

77   Paragraph 73E(6)(c)

Repeal the paragraph, substitute:

(c) in relation to the year of income of the transferee in which the disposal took place, the component “days owned” in the formulae in sections 42-160 and 42-165 of the Income Tax Assessment Act 1997 included the number of days in that year when the transferor both:

(i) owned the unit, or was its quasi-owner within the meaning of Division 42 of the Income Tax Assessment Act 1997; and

(ii) used it for the purpose of producing assessable income or had it installed ready for use for that purpose.