A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

INCOME TAX ASSESSMENT ACT 1936

PART III - LIABILITY TO TAXATION  

Division 16D - Certain arrangements relating to the use of property    View history reference

SECTION 159GH  APPLICATION OF DIVISION IN RELATION TO PROPERTY  

 View history reference

159GH(1A)  [ Tax preferred use post-1 July 2007]  

 View history reference

This Division does not apply in relation to the item of eligible property that is put to a tax preferred use (within the meaning of the Income Tax Assessment Act 1997 ) if the tax preferred use:


(a) starts on or after 1 July 2007; and


(b) does not occur under a legally enforceable arrangement entered into before 1 July 2007.

159GH(1B)  [ Tax preferred use arrangement pre-1 July 2007]  

 View history reference

This Division does not apply in relation to the item of eligible property that is put to a tax preferred use (within the meaning of the Income Tax Assessment Act 1997 ) if:


(a) the tax preferred use starts on or after 1 July 2007; and


(b) the tax preferred use occurs under a legally enforceable arrangement that was entered into before 1 July 2007; and


(c) an election is made under item 71 of Schedule 1 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 to have subitem 71(2) of that Schedule apply to the property.

159GH(1)  [Use by exempt public body or overseas use]  

 View history reference

Subject to subsections (1A), (1B) and (2), where;


(a) at a particular time (in this subsection referred to as the " relevant time " ) an arrangement is a qualifying arrangement under subsection 159GG(1) or (2) in relation to an item of eligible property; and


(b) either of the following conditions is satisfied:


(i) the qualifying arrangement was entered into after 5 o'clock in the afternoon, by standard time in the Australian Capital Territory, on 15 May 1984 and the end-user referred to in subsection 159GG(1) or (2) is an exempt public body;

(ii) the arrangement was entered into after 5 o'clock in the afternoon, by legal time in the Australian Capital Territory, on 16 December 1984 and the use of the property referred to in subsection 159GG(1) or (2) takes place, or will take place, outside Australia and is, or will be, wholly or partly for the purpose of producing exempt income,

this Division applies in relation to the item of eligible property at the relevant time.

159GH(2)  [Leveraged arrangements]  


This Division does not apply in relation to an item of eligible property at a particular time if at that time section 51AD applies to the item of eligible property in relation to a taxpayer.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page