INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision B - Development allowance  

SECTION 82AQ   INTERPRETATION  

82AQ(1)   [Definitions]  

In this Subdivision -

aircraft
means a machine or apparatus that derives support in the atmosphere from the reactions of the air or from buoyancy, but does not include an air-cushion vehicle.

"Australian satellite"

Australian space object
has the same meaning as in the Radiocommunications Act 1992 .

"commissioning date"
(Omitted by No 98 of 1992)

construction
includes manufacture and constructed has a corresponding meaning.

"eligible Australian ship"
(Omitted by No 98 of 1992)

"eligible date"
(Omitted by No 98 of 1992)

eligible property
means plant within the meaning of section 45-40 of the Income Tax Assessment Act 1997 and includes earth tanks constructed for the purpose of conserving water for use in carrying on a business of primary production.

hire-purchase agreement
means a hire purchase agreement to which Division 240 of the Income Tax Assessment Act 1997 applies.

lease
, in relation to property, means grant a lease of the property or let the property on hire otherwise than under a hire-purchase agreement, and cognate expressions have corresponding meanings.

leasing company
means a corporation that carries on in Australia as its sole or principal business -

(a) the business of banking; or

(b) the business of borrowing money and providing finance,

not being a business the whole of the income from which is exempt income.

long-term lease agreement
, in relation to property, means an agreement under which a person agrees to take the property on lease for a period of not less than 4 years.

new
means not having previously been either used by any person or acquired or held by any person for use by that person, but does not include reconditioned or wholly or mainly reconstructed.

"new ship"
(Omitted by No 98 of 1992)

related company
, in relation to a company (the first company ), means another company to which the first company is related within the meaning of section 51AE (see subsections 51AE(16) to (19)).

ship
means a vessel or boat of any description, and includes an air-cushion vehicle, but does not include a floating structure.

"subsection 82AA(1) property"
(Omitted by No 98 of 1992)

"subsection 82AA(2) ship"
(Omitted by No 98 of 1992)

82AQ(2)   [Meaning of providing finance]  

The reference in the definition of leasing company in subsection (1) to providing finance is a reference to:

(a) lending money, with or without security;

(b) letting property on hire under a hire-purchase agreement; or

(c) leasing property.

82AQ(3)   [Meaning of acquisition of property]  

In this Subdivision:

(a) a reference to the acquisition of property by a person is a reference to:

(i) the person becoming the owner of the property or taking the property on hire under a hire-purchase agreement; or

(ii) the construction of the property for the person by another person or other persons on premises of the first-mentioned person;

(b) a reference to property being installed ready for use is a reference to property being installed ready for use and held in reserve; and

(c) a reference to taking property on lease is a reference to taking property on lease or on hire otherwise than under a hire-purchase agreement.

82AQ(3A)   [Application]  

If:

(a) a unit 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 holder of the property for the purposes of Division 40 of the Income Tax Assessment Act 1997 ;

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

82AQ(3AA)    

82AQ(3B)   [Definitions]  

In subsection (3A), exempt Australian government agency , exempt foreign government agency and quasi-ownership right have the same meanings as in the Income Tax Assessment Act 1997 .

82AQ(4)   [Australian space object]  

For the purposes of this Subdivision, an Australian space object is taken to be in Australia.