Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 118 - Exemptions  

Subdivision 118-A - General exemptions  

SECTION 118-24A   Pilot plant  

118-24A(1)    

Disregard a capital gain or capital loss you make from a CGT event happening in relation to pilot plant, as defined in former subsection 73B(1) of the Income Tax Assessment Act 1936 :

(a) if the CGT event happens after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999; or

(b) if:

(i) the CGT event is CGT event A1 (disposal of a CGT asset); and

(ii) the time of the event is when you entered into the contract for the disposal of the CGT asset; and

(iii) the change of ownership constituting the disposal occurred after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.

118-24A(2)    
However, subsection (1) does not apply to assessments for the 2001-2002 income year and later income years.