DEVELOPMENT ALLOWANCE AUTHORITY ACT 1980 (ARCHIVE)
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Hide history noteFor the purposes of the application of this Chapter to expenditure incurred, or proposed to be incurred, by an entity in carrying out a project, the expenditure passes the prospective deduction test if the DAA is satisfied that, assuming that:
(a) the entity were to incur the expenditure and complete the carrying out of the project; and
(b) the DAA were to issue a certificate in the name of the entity in relation to the expenditure; and
(c) sections 82AC and 82AD of the Income Tax Assessment Act 1936 and section 26-55 of the Income Tax Assessment Act 1997 had not been enacted;
it is reasonably arguable that:
(d) to the extent that the expenditure is incurred in respect of the acquisition or construction of a new unit of plant - a deduction will be allowable to the entity under section 82AB of the Income Tax Assessment Act 1936 in respect of the expenditure; and
(e) to the extent that the expenditure is incurred in respect of the lease of a new unit of plant under a long-term lease agreement where the lessor is a leasing company - a deduction will be allowable to the leasing company under section 82AB of the Income Tax Assessment Act 1936 in respect of the expenditure of a capital nature incurred by the leasing company in respect of the acquisition or construction by the leasing company of the unit of plant.
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