Tax Law Improvement Act 1997 (121 of 1997)

Schedule 6   Depreciation

Part 3   Consequential amendment of the Income Tax Assessment Act 1936

82   Subsections 82AQ(3A) and (3B)

Repeal the subsections, substitute:

(3A) If:

(a) a unit of property is attached to land that a taxpayer holds under a quasi-ownership right granted by an exempt Australian government agency or an exempt foreign government agency; and

(b) the taxpayer is the quasi-owner of the property for the purposes of Division 42 of the Income Tax Assessment Act 1997;

this Subdivision applies as if the taxpayer were the owner of the property instead of any other person.

(3B) In subsection (3A), exempt Australian government agency , exempt foreign government agency , quasi-owner and
quasi-ownership right have the same meanings as in the Income Tax Assessment Act 1997.