DEVELOPMENT ALLOWANCE AUTHORITY ACT 1980 (ARCHIVE)

CHAPTER 2 - DEVELOPMENT ALLOWANCE  

PART 6 - TRANSFER OF BENEFITS OF REGISTRATION OR CERTIFICATE  

Division 2 - Re-constituted joint ventures  

SECTION 67 (ARCHIVE)  

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

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

(b) the acquisition has taken place, or will take place, in the course of carrying out the new party's project; and

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

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 new party when the plant was or is so acquired by the new party; and

(e) give the new party and the old party 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 new party when the plant was or is so acquired by the new party; and

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