Where an airport lease is granted to a Commonwealth owned company under clause 21, Part 6 will apply. The measures contained in Part 6 are largely for accounting purposes. Clause 36 provides that the Minister for Finance may pay an amount, determined by the Minister, to the FAC between the time when an airport is transferred under clause 21 and the sale of the shares in the company to which it was transferred takes place. Clause 39 contains a standing appropriation without a statutory cap. The provisions in Part 7 mirror the provisions in Part 6, but Part 7 applies to an airport-lessee company that is not owned by the Commonwealth.
Some transactions are exempt from stamp duty and other taxes.
Clauses 49 to 51 relate to depreciation. Clause 49 will allow a sub-lessee to continue to depreciate property after the airport is leased. Clause 50 allows a company to which assets were transferred under clause 23, to claim depreciation on those assets as if the company had acquired the property from the FAC and not the Commonwealth. The basic effect of the provisions relating to depreciation is to set a depreciated value for income tax purposes that will be the same as if the airport lessee held and depreciated the asset. If an amount becomes due and payable, the Minister for Finance can determine that the Commonwealth is liable to pay the FAC an amount equal to that amount.