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

73   Disposals within company group

Section 82AJA of the Principal Act is amended:

(a) by omitting from subsection (1) "after 19 August 1979 by a taxpayer being a company, and paragraph 82AG(2A)(b) does not apply in relation to a ship ceasing to be an eligible Australian ship by reason only of the disposal of the ship";
          

(b) by omitting subparagraph (1)(d)(i) and substituting the following subparagraphs:
          

"(i) lease the property; or

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

(ib) otherwise grant a right to another person to use the property; or";

(c) by omitting from subparagraph (1)(d)(ii) "in a case where the property is subsection 82AA(1) property - ";
          

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

"(1A) Subparagraphs (1)(d)(i) and (ib) do not apply if the person leased the property, or granted rights to use the property, in the person's capacity as an eligible entertainment/tourism operator.".