| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of your written advice
Authorisation Number: 1051472942389
Date of advice: 21 February 2019
Ruling
Subject: Application of Division 43 of the Income Tax Assessment Act 1997
Question
Will the Lessee be deemed to be the ‘owner’ under Division 43 of the Income Tax Assessment Act 1997 of capital works resulting from certain capital works expenditure and be able to claim capital works deductions for the undeducted portion of that capital works expenditure?
Answer
Yes
Relevant facts and circumstances
The taxpayer (the Lessee) applied for a private ruling on the tax consequences, pursuant to Division 43 of the Income Tax Assessment Act 1997, arising from an arrangement involving the divestment of a commercial operation.
Relevant legislative provisions
Income Tax Assessment Act 1997 Division 43
Income Tax Assessment Act 1997 section 43-10
Income Tax Assessment Act 1997 subsection 43-50(3)
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
