Taxation Laws Amendment Act (No. 2) 1999 (Repealed) (93 of 1999)

Schedule 3   Depreciation of plant previously owned by an exempt entity

Part 1   Income Tax Assessment Act 1997

12   At the end of section 330-375

Add:

(4) Transport capital expenditure also does not include expenditure on*plant to which Subdivision 58-B or 58-C applies.

(5) Transport capital expenditure also does not include expenditure on*plant if:

(a) at any time a*transition entity or a purchaser from a*tax exempt vendor had been the owner or a*quasi-owner of the plant; and

(b) Subdivision 58-B or 58-C had applied to the plant at that time; and

(c) either of the following subparagraphs applies:

(i) the transferor was the transition entity or the purchaser from the tax exempt vendor and Common rule 1 applied to your acquisition of the plant;

(ii) the transferor was not the transition entity or the purchaser from the tax exempt vendor and Common rule 1 applied to your acquisition of the plant and all earlier successive acquisitions of the plant by entities that acquired it from, or became the owners or quasi-owners of it after it was acquired from, the transition entity or the purchaser from the tax exempt vendor.