Commonwealth Consolidated Acts

AIRPORTS (TRANSITIONAL) ACT 1996 - SECT 50B

             (1)  This section applies to a depreciating asset that:

                     (a)  was transferred from the Commonwealth to a company under section 23; and

                     (b)  at the time of transfer, was not attached to land.

             (2)  The Minister for Finance may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997 .

Note:          If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997 .

             (3)  The FAC must give the Minister for Finance such information as the Minister for Finance requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.