Income Tax Assessment Act 1997
An entity that is an *operating entity in relation to a *cross staple arrangement can deduct an amount, for an income year, of *rent from land investment if:
(a) another entity derives or receives the amount from the operating entity:
(i) in the income year; and
(ii) on or after 27 March 2018; and
(b) the cross staple arrangement was entered into in relation to:
(i) a facility that is covered by section 12-439 in Schedule 1 to the Taxation Administration Act 1953 at a time in the income year; or
(ii) an improvement to a facility that is covered by that section at a time in the income year; and
(c) the other entity is an *asset entity in relation to the cross staple arrangement; and
(d) apart from this subsection, the operating entity could otherwise deduct the amount under this Act; and
(e) the amount is *excepted MIT CSA income of the asset entity for the income year; and
(f) each entity that is a *stapled entity in relation to the cross staple arrangement has made a choice in accordance with subsection (3). 25-115(2)
If the *asset entity is not a *managed investment trust in relation to the income year, for the purposes of paragraph (1)(e), treat it as a managed investment trust in relation to the income year. 25-115(3)
An entity makes a choice in accordance with this subsection if:
(a) the entity makes the choice in the *approved form; and
(b) the entity makes the choice before:
(i) the start of the income year in which the asset is first put to use; or
(ii) a later time allowed by the Commissioner; and
(c) the entity gives the choice to the Commissioner within 60 days after the entity makes the choice. 25-115(4)
The choice cannot be revoked.
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