Income Tax (Transitional Provisions) Act 1997



Division 118 - Exemptions  

Subdivision 118-A - General exemptions  

SECTION 118-24A   Pilot plant  


Disregard a capital gain or capital loss you make from a CGT event happening in relation to pilot plant, as defined in former subsection 73B(1) of the Income Tax Assessment Act 1936 :

(a) if the CGT event happens after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999; or

(b) if:

(i) the CGT event is CGT event A1 (disposal of a CGT asset); and

(ii) the time of the event is when you entered into the contract for the disposal of the CGT asset; and

(iii) the change of ownership constituting the disposal occurred after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.

However, subsection (1) does not apply to assessments for the 2001-2002 income year and later income years.


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