Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 3) 1992No. 98, 1992 - SECT 39

39. Section 124ZA of the Principal Act is amended:

   (a)  by inserting the following definitions in subsection (1): " 'post-26
        February 1992 qualifying apartment expenditure' means qualifying
        apartment expenditure where the building, or the extension, alteration
        or improvement, in respect of the construction of which the qualifying
        apartment expenditure was incurred commenced to be constructed after
        26 February 1992; 'post-26 February 1992 qualifying hotel expenditure'
        means qualifying hotel expenditure where the building, or the
        extension, alteration or improvement, in respect of the construction
        of which the qualifying hotel expenditure was incurred commenced to be
        constructed after 26 February 1992; 'pre-18 July 1985 qualifying
        apartment expenditure' means qualifying apartment expenditure where
        the building, or the extension, alteration or improvement, in respect
        of the construction of which the qualifying apartment expenditure was
        incurred commenced to be constructed before 18 July 1985; 'pre-18 July
        1985 qualifying hotel expenditure' means qualifying hotel expenditure
        where the building, or the extension, alteration or improvement, in
        respect of the construction of which the qualifying hotel expenditure
        was incurred commenced to be constructed before 18 July 1985.";

   (b)  by omitting from subsection (16) "qualifying hotel expenditure or"
        (first occurring) and substituting "pre-18 July 1985 qualifying hotel
        expenditure or pre-18 July 1985";

   (c)  by inserting after subsection (16) the following subsections:

"(16A) For the purposes of this Division, if there is an amount of post-26
February 1992 qualifying hotel expenditure in respect of an eligible building,
the amount of so much of the residual capital expenditure at a particular time
('relevant time') in relation to that qualifying hotel expenditure as is
attributable to the hotel part or a part ('relevant part') of the hotel part
is the amount (if any) worked out by:

   (a)  identifying the period:
    (i)   commencing on the day on which the hotel part or
relevant part was first used by any person for any purpose after completion of
the relevant construction; and

        (ii)   ending at the relevant time; and

   (b)  calculating, for each day (if any) in that period during the whole of
        which any part ('4% part') of the hotel part or relevant part, as the
        case may be, was dealt with in the prescribed manner by a taxpayer who
        owned that part of the hotel part or relevant part, the amount worked
        out using the formula:
             Portion of qualifying expenditure     X      0.04

Days in year where: 'Portion of qualifying expenditure' means so much of the
qualifying hotel expenditure as is attributable to the 4% part; 'Days in year'
means the number of days in the financial year in which that day occurred; and

   (c)  calculating, for each day (if any) in that period during any part of
        which any part ('2.5% part') of the hotel part or relevant part, as
        the case may be, was not dealt with in the prescribed manner by a
        taxpayer who owned that part of the hotel part or relevant part, the
        amount worked out using the formula:
            Portion of qualifying expenditure          x 0.025

Days in year where: 'Portion of qualifying expenditure' means so much of the
qualifying hotel expenditure as is attributable to the 2.5% part; 'Days in
year' means the number of days in the financial year in which that day
occurred; and

   (d)  adding the amounts calculated under paragraphs (b) and (c); and

   (e)  deducting the result of the addition mentioned in paragraph (d) from
        so much of the amount of that qualifying hotel expenditure as is
        attributable to the hotel part or relevant part, as the case requires.

"(16B) For the purposes of this Division, if there is an amount of post-26
February 1992 qualifying apartment expenditure in respect of an eligible
building, the amount of so much of the residual capital expenditure at a
particular time ('relevant time') in relation to that qualifying apartment
expenditure as is attributable to the apartment part or a part ('relevant
part') of the apartment part is the amount (if any) worked out by:

   (a)  identifying the period:
    (i)   commencing on the day on which the apartment part
or relevant part was first used by any person for any purpose after completion
of the relevant construction; and

        (ii)   ending at the relevant time; and

   (b)  calculating, for each day (if any) in that period during the whole of
        which any part ('4% part') of the apartment part or relevant part, as
        the case may be, was dealt with in the prescribed manner by a taxpayer
        who owned that part of the apartment part or relevant part, the amount
        worked out using the formula:
           Portion of qualifying expenditure             0.04

Days in year where: 'Portion of qualifying expenditure' means so much of the
qualifying apartment expenditure as is attributable to the 4% part; 'Days in
year' means the number of days in the financial year in which that day
occurred; and

   (c)  calculating, for each day (if any) in that period during any part of
        which any part ('2.5% part') of the apartment part or relevant part,
        as the case may be, was not dealt with in the prescribed manner by a
        taxpayer who owned that part of the apartment part or relevant part,
        the amount worked out using the formula:
             Portion of qualifying expenditure           0.025

Days in year where: 'Portion of qualifying expenditure' means so much of the
qualifying apartment expenditure as is attributable to the 2.5% part; 'Days in
year' means the number of days in the financial year in which that day
occurred; and

   (d)  adding the amounts calculated under paragraphs (b) and (c); and

   (e)  deducting the result of the addition mentioned in paragraph (d) from
        so much of the amount of that qualifying apartment expenditure
        as is attributable to the apartment part or relevant part, as the case
        requires.".