Income Tax Assessment Act 1936
Div 10B repealed by No 164 of 2007, s 3 and Sch 10 item 41, effective 1 July 2010.
Div 10B inserted by No 101 of 1956.
(Repealed by No 164 of 2007)
S 124P repealed by No 164 of 2007, s 3 and Sch 10 item 41, effective 1 July 2010. S 124P formerly read:
shall be included in the assessable income of the taxpayer of the year of income. S 124P(1) substituted for the former s 124P(1) and (2) by No 172 of 1978. S 124P(3) amended by No 172 of 1978.
SECTION 124P AMOUNT TO BE INCLUDED IN ASSESSABLE INCOME ON DISPOSAL OF A UNIT OF INDUSTRIAL PROPERTY
Where, at any time during the year of income, a taxpayer who is the owner of a unit of industrial property to whom this Division applies disposes of that unit in whole or in part (whether or not the effective life of that unit in relation to the taxpayer had expired at that time):
(a) if there is a residual value of that unit in relation to the taxpayer at that time and the amount of the consideration receivable in respect of the disposal exceeds that residual value - the amount of the excess; or
(b) if there is no residual value of that unit in relation to the taxpayer at that time - the amount of the consideration receivable in respect of the disposal,
(Omitted by No 172 of 1978)
The amount which, under subsection (1), is required to be included in the assessable income of a taxpayer of a year of income in respect of a unit of industrial property shall not exceed the sum of the deductions which have been allowed or are allowable in respect of the unit under this Division in assessments of income of the taxpayer, less the sum of the amounts, if any, which have, under this section, been included in the assessable income of the taxpayer of a previous year, or previous years, of income in respect of that unit.
shall be included in the assessable income of the taxpayer of the year of income.
S 124P(1) substituted for the former s 124P(1) and (2) by No 172 of 1978.
S 124P(3) amended by No 172 of 1978.
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