AIRPORTS (TRANSITIONAL) ACT 1996 - SECT 50B Acquisition of depreciating asset from the Commonwealth--Division 40 of the Income Tax Assessment Act 1997

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 Finance Minister 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 Finance Minister such information as the Finance Minister requires about the application of Subdivision   40 - D of the Income Tax Assessment Act 1997 to the asset and to the FAC.