Tax Law Improvement Act 1997 (121 of 1997)

Schedule 6   Depreciation

Part 3   Consequential amendment of the Income Tax Assessment Act 1936

130   Section 673

Repeal the section, substitute:

673 Ownership of item where it is attached to land held under a quasi-ownership right

(1) If:

(a) an item of property is attached to land that a taxpayer holds under a quasi-ownership right granted by an exempt Australian government agency or an exempt foreign government agency; and

(b) the taxpayer is the quasi-owner of the property for the purposes of Division 42 of the Income Tax Assessment Act 1997;

this Part applies as if the taxpayer were the owner of the property instead of any other person.

(2) In subsection (1), exempt Australian government agency , exempt foreign government agency , quasi-owner and quasi-ownership right have the same meanings as in the Income Tax Assessment Act 1997.