INCOME TAX ASSESSMENT ACT 1997 - SECT 43.125 Lessees' or right holders' pools can revert to owner

INCOME TAX ASSESSMENT ACT 1997 - SECT 43.125

  (1)   An amount that relates to a * pool of construction expenditure that arises as a result of expenditure incurred by a lessee or a holder of a * quasi - ownership right over land:

  (a)   can only be deducted by a lessee or a holder of a quasi - ownership right over land who satisfies subsection   43 - 120(1) or (2); and

  (b)   cannot be deducted by the owner of the capital works while there is a lessee or a holder of a quasi - ownership right over land who satisfies that subsection.

  (2)   The owner of the capital works may deduct an amount that relates to that pool if there is no longer a lessee or a holder of a * quasi - ownership right over land who satisfies subsection   43 - 120(1) or (2).