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

72   Special provisions relating to partnerships

Section 82AJ of the Principal Act is amended:

(a) by omitting paragraph (1)(c) and substituting the following paragraph:
          

"(c) before the end of 12 months after the property was first used or installed ready for use by the partnership, the taxpayer disposed of the whole or a part of the taxpayer's interest in the partnership or in the property;";

(b) by omitting paragraphs (2)(c) and (d) and substituting the following paragraphs:
          

"(c) after the end of 12 months after the property was first used or installed ready for use by the partnership, the taxpayer disposed of the whole or a part of the taxpayer's interest in the partnership or in the property; and

(d) the Commissioner is satisfied that, at the time the property was

acquired or constructed by the partnership, the taxpayer intended to dispose of the whole or a part of the taxpayer's interest in the partnership or in the property after the partnership became entitled to a deduction under this Subdivision;";

(c) by omitting subsections (5A) and (6A);
          

(d) by omitting subsection (7AA) and substituting the following subsection:
          

"(7AA) Paragraphs (7)(d) and (f) 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 inserting after subsection (7A) the following subsection:
          

"(7B) Subsection (7A) does not apply if the lessee entered into the contract or arrangement concerned in the lessee's capacity as an eligible entertainment/tourism operator.";

(f) by omitting subsection (9) and substituting the following subsection:
          

"(9) Subparagraphs (8)(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.".