Commonwealth Numbered Acts

AIRPORTS (TRANSITIONAL) ACT 1996 No. 36 of 1996 - SECT 49

(1) This section applies if:

   (a)  a company obtains a lease relating to particular land under
        section 21, 22 or 23; and

   (b)  at the time the lease was obtained, a unit of property is affixed to
        the land.

(2) If:

   (a)  immediately before the land vested in the Commonwealth under Part 2:

        (i)    the property was affixed to a particular part of the land; and

        (ii)   that part of the land was leased to another entity; and

        (iii)  under section 54AA of the Income Tax Assessment Act 1936, the
               provisions of that Act relating to depreciation applied to the
               property and to the other entity as if the other entity were
               the owner of the property; and

   (b)  on the grant, the lessee of the lease mentioned in subparagraph
        (a)(ii) became a lessee of the company; then, so long as the other
        entity continues to hold the lease mentioned in subparagraph (a)(ii),
        section 54AA of the Income Tax  Assessment Act 1936 has effect, in
        relation to the property, as if:

   (c)  the lease mentioned in subparagraph (a)(ii) were a Crown lease; and

   (d)  the other entity were the lessee under the Crown lease.

(3) If:

   (a)  subsection (2) does not apply to the property; and

   (b)  the FAC was the owner of the property for the purposes of section 54
        of the Income Tax Assessment Act 1936 immediately before the land
        vested in the Commonwealth under Part 2 of this Act; then:

   (c)  section 54AA of the Income Tax Assessment Act 1936 has effect, in
        relation to the property, as if:

        (i)    the company had acquired the lease from a prior holder of the
               lease; and

        (ii)   the prior holder had acquired or constructed the property and
               affixed the property to the land; and

        (iii)  a reference in that section to the consideration paid or given
               by the company for the acquisition of the lease were a
               reference to the consideration given by the company for the
               grant of the lease; and

   (d)  section 60 of the Income Tax Assessment Act 1936 has effect as if the
        company had acquired the property from the FAC instead of from another
        person; and

   (e)  the Minister for Finance may make a written determination that the
        provisions of the Income Tax Assessment Act 1936 relating to
        depreciation have effect as if the depreciated value of the property
        at the time of the grant were equal to the amount specified in the
        determination.

(4) A determination under paragraph (3)(e) has effect accordingly.

(5) The FAC must give the Minister for Finance such information as the
Minister for Finance requires about the application of section 59 of the
Income Tax Assessment Act 1936 to the property and to the FAC.

(6) This section does not affect the operation of section 19 of the
Civil Aviation Legislation Amendment Act 1995.

(7) In this section:
entity means any of the following:

   (a)  a company;

   (b)  a partnership;

   (c)  a person in a capacity of trustee;

   (d)  any other person.