Commonwealth Consolidated Acts

AIRPORTS (TRANSITIONAL) ACT 1996 - SECT 55

             (1)  This section applies if:

                     (a)  a company is granted an airport lease under section 21; and

                     (b)  the company's sale time does not occur within 7 days after the grant.

             (2)   The regulations may provide that:

                     (a)  the provisions of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 relating to depreciation or capital allowances; and

                     (b)  the provisions of either of those Acts relating to capital gains and capital losses;

apply in relation to:

                     (c)  the airport lease; and

                     (d)  assets transferred or leased to the company under section 23, 24, 30 or 31;

subject to such modifications as are specified in the regulations.

             (3)  In this section:

"modifications" includes additions, omissions and substitutions.