Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:1_4:p1
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 1/5)
Character Range: 280312–283044

4                      by a trustee of a trust and you were a beneficiary in the trust                                                                        the part of the amount that is included in the share of the net income of the trust to which you are presently entitled and on which you are assessed

Subdivision 42-I—Quasi-ownership

Guide to Subdivision 42-I

42-305  What this Subdivision is about

      This Subdivision explains the circumstances in which you are the quasi-owner of plant.

Table of sections

Operative provisions

42-310 Meaning of quasi-owner
42-315 Grant of new quasi-ownership right
42-320 Only one entity can deduct

Operative provisions

42-310  Meaning of quasi-owner

 (1) You are a quasi-owner of *plant if:
 (a) it is attached to land you hold under a *quasi-ownership right granted by an *exempt Australian government agency or an *exempt foreign government agency; and
 (b) you either:
 (i) attached the plant to the land after you acquired the right; or
 (ii) acquired the right from the entity that attached the plant or from a later successive holder of the right; and
 (c) you are not its owner.

 (2) You are not a *quasi-owner under subsection (1) if, when you would otherwise have become a quasi-owner, you had entered into a *scheme:
 (a) under which an entity, other than the grantor of the right or that person's successor, would become the owner of the *plant at a later time; or
 (b) that has a purpose of providing finance to enable an entity, other than you, the grantor of the right or that person's successor, to become the end-user of the plant:
 (i) if you attached the plant to the land—for the whole, or a substantial part, of the *effective life of the plant as worked out or adopted by you; or
 (ii) if the plant was already attached to the land when you acquired the *quasi-ownership right—for the whole, or a substantial part, of the remainder of the *effective life of the plant as worked out or adopted by the person who first attached the plant to the land.

42-315  Grant of new quasi-ownership right

  If your *quasi-ownership right over land expires, is surrendered or is terminated and that event is followed by a grant of a new *quasi-ownership right over the land to you:
 (a) the new right is taken to be a continuation of the original right; and
 (b) you are taken not to have ceased to be the *quasi-owner of *plant attached to the land.

42-320  Only one entity can deduct

  If there is both an owner and a *quasi-owner of *plant, only the quasi-owner can deduct an amount for depreciation.

Subdivision 42-J—Partial change of ownership

Guide to Subdivision 42-J

42-325  What this Subdivision is about

      This Subdivision sets out when