Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 16D - Certain arrangements relating to the use of property  

SECTION 159GH   APPLICATION OF DIVISION IN RELATION TO PROPERTY  

159GH(1A)   [ Tax preferred use post-1 July 2007]  

This Division does not apply in relation to the item of eligible property that is put to a tax preferred use (within the meaning of the Income Tax Assessment Act 1997 ) if the tax preferred use:


(a) starts on or after 1 July 2007; and


(b) does not occur under a legally enforceable arrangement entered into before 1 July 2007.

159GH(1B)   [ Tax preferred use arrangement pre-1 July 2007]  

This Division does not apply in relation to the item of eligible property that is put to a tax preferred use (within the meaning of the Income Tax Assessment Act 1997 ) if:


(a) the tax preferred use starts on or after 1 July 2007; and


(b) the tax preferred use occurs under a legally enforceable arrangement that was entered into before 1 July 2007; and


(c) an election is made under item 71 of Schedule 1 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 to have subitem 71(2) of that Schedule apply to the property.

159GH(1)   [Use by exempt public body or overseas use]  

Subject to subsections (1A), (1B) and (2), where;


(a) at a particular time (in this subsection referred to as the " relevant time " ) an arrangement is a qualifying arrangement under subsection 159GG(1) or (2) in relation to an item of eligible property; and


(b) either of the following conditions is satisfied:


(i) the qualifying arrangement was entered into after 5 o'clock in the afternoon, by standard time in the Australian Capital Territory, on 15 May 1984 and the end-user referred to in subsection 159GG(1) or (2) is an exempt public body;

(ii) the arrangement was entered into after 5 o'clock in the afternoon, by legal time in the Australian Capital Territory, on 16 December 1984 and the use of the property referred to in subsection 159GG(1) or (2) takes place, or will take place, outside Australia and is, or will be, wholly or partly for the purpose of producing exempt income,

this Division applies in relation to the item of eligible property at the relevant time.

159GH(2)   [Leveraged arrangements]  

This Division does not apply in relation to an item of eligible property at a particular time if at that time section 51AD applies to the item of eligible property in relation to a taxpayer.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.