Private ruling: Application of Division 43 of the Income Tax Assessment Act 1997
Date of advice: 21 February 2019
Published: May 2019

Ruling: Q1: Will the Lessee be deemed to be the ‘owner’ under Division 43 of the Income Tax Assessment Act 1997 of capital works resulting from certain capital works expenditure and be able to claim capital works deductions for the undeducted portion of that capital works expenditure? | A1: Yes

Relevant facts and circumstances: The taxpayer (the Lessee) applied for a private ruling on the tax consequences, pursuant to Division 43 of the Income Tax Assessment Act 1997 , arising from an arrangement involving the divestment of a commercial operation.

Relevant legislative provisions: Income Tax Assessment Act 1997 Division 43 | Income Tax Assessment Act 1997 section 43-10 | Income Tax Assessment Act 1997 subsection 43-50(3)