DEVELOPMENT ALLOWANCE AUTHORITY ACT 1980 (ARCHIVE)

CHAPTER 2 - DEVELOPMENT ALLOWANCE  

PART 6 - TRANSFER OF BENEFITS OF REGISTRATION OR CERTIFICATE  

Division 1 - Takeovers not involving re-constituted joint ventures or re-constituted partnerships  

SECTION 57 (ARCHIVE)  

57   DAA MAY DIRECT THAT PLANT BE TREATED AS NEW PLANT  
If:

(a) the transferee has acquired from the transferor, or proposes to acquire from the transferor, a unit of plant that was new in the hands of the transferor; and

(b) the acquisition has taken place, or will take place, in the course of the transferee's takeover, or proposed takeover, of the completion of the project (with or without modification); and

(c) the DAA considers that it would be reasonable to treat the unit of plant as new in the hands of the transferee;

the DAA may:

(d) make a decision on the application on the assumption that the unit of plant was new in the hands of the transferee when the plant was or is so acquired by the transferee; and

(e) give the transferor and the transferee a written direction that, if the DAA grants the application for transfer of the benefits of the registration or the certificate, this Act and Subdivision B of Division 3 of Part III of the Tax Act are taken to have, and to have had, effect as if the unit of plant:

(i) were new in the hands of the transferee when the plant was or is so acquired by the transferee; and

(ii) were not new in the hands of the transferor at any time.