Taxation Laws Amendment Act (No. 3) 1992 (98 of 1992)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 11   Amendments relating to development allowance

69   Disposal etc. of property after 12 months after installation etc.

Section 82AH of the Principal Act is amended:

(a) by omitting subparagraph (1)(b)(ii) and substituting the following subparagraph:
          

"(ii) the taxpayer:

(A) leased the property; or

(B) let the property on hire under a hire-purchase agreement; or

(C) otherwise granted a right to another person to use the property; or";

(b) by inserting after subsection (1) the following subsection:
          

"(1A) Sub-subparagraphs (1)(b)(ii)(A) and (C) do not apply if the taxpayer leased the property, or granted rights to use the property, in the taxpayer's capacity as an eligible entertainment/tourism operator.";

(c) by omitting subsections (2A) and (2B);
          

(d) by omitting subsection (3A) and substituting the following subsection:
          

"(3A) Subparagraphs (3)(b)(iv) and (vi) do not apply if the lessee entered into the contract or arrangement concerned in the lessee's capacity as an eligible entertainment/tourism operator.";

(e) by omitting subsection (5) and substituting the following subsection:
          

"(5) Subparagraphs (4)(b)(iii) and (v) do not apply if the taxpayer entered into the contract or arrangement concerned in the taxpayer's capacity as an eligible entertainment/tourism operator.".