Published: February 2014

Ruling: The Commissioner was asked to rule on the following question: | For the purposes of section 43-120 of the Income Tax Assessment Act 1997 (ITAA 1997), did the company immediately after the termination of the agreement during the 2011 income tax year, continue to lease or hold a quasi-ownership right from an exempt Australian government agency over an area that was part of a construction expenditure area on which the construction of the facility began after 26 February 1992? | The Commissioner ruled: | Yes. For the purposes of section 43-120 of the ITAA 1997, the company immediately after the termination of the agreement during the 2011 income tax year, continued to lease or hold a quasi-ownership right from an exempt Australian government agency over an area that was part of a construction expenditure area on which the construction of the facility began after 26 February 1992.