Document ID: chunk:federal_register_of_legislation:C2004A04745:body:0:p16
Version: federal_register_of_legislation:C2004A04745
Segment Type: other
Provision Reference: 
Character Range: 38987–41651

of South Australia; or

        (ii) a designated subsidiary of the State Bank of South Australia; and

    (b) the property was transferred to Bank of South Australia Limited as a result of the operation of a transfer provision.

(2) The provisions of Subdivisions B and BA of Division 3 of Part III of the Income Tax Assessment Act 1936 apply, and are taken always to have applied, as if:

    (a) the property had been acquired, constructed, or commenced to be constructed, as the case may be, by Bank of South Australia Limited instead of by the State Bank of South Australia or the designated subsidiary, as the case may be; and

    (b) expenditure of a capital nature incurred by the State Bank of South Australia or the designated subsidiary, as the case may be, in respect of the acquisition or construction of the property had been incurred instead by Bank of South Australia Limited; and

    (c) if the property was acquired by the State Bank of South Australia or the designated subsidiary, as the case may be, under a contract entered into at a particular time—the property had been acquired by Bank of South Australia Limited under a contract entered into at that time; and

    (d) if the property was constructed, or commenced to be constructed, by the State Bank of South Australia or the designated subsidiary, as the case may be—Bank of South Australia Limited had commenced to construct the property at the same time as the State Bank of South Australia or the designated subsidiary, as the case may be, had commenced to construct it.

Development allowance and general investment allowance—uncompleted contracts for the acquisition of property

  39.(1) This section applies to a unit of property if:

     (a) the State Bank of South Australia or a designated subsidiary of the State Bank of South Australia entered into a contract for the acquisition of the property; and

     (b) before the property was acquired by the State Bank of South Australia or the designated subsidiary, as the case may be, Bank of South Australia Limited acquired the rights under the contract as a result of the operation of a transfer provision; and

     (c) Bank of South Australia Limited acquired the property as a result of the performance of the contract.

(2) The provisions of Subdivisions B and BA of Division 3 of Part III of the Income Tax Assessment Act 1936 apply, and are taken always to have applied, as if expenditure of a capital nature incurred by the State Bank of South Australia, or the designated subsidiary, as the case may be, under the contract in respect of the proposed acquisition of the property had been incurred instead by Bank