Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p8
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 8/9)
Character Range: 216966–219648

works being a hotel building or an apartment building begun before 1 July 1997.

43‑110  Application of subsection 43‑75(3)
  Subsection 43‑75(3) of the Income Tax Assessment Act 1997 does not apply to capital works being a hotel building or an apartment building begun before 1 July 1997.

Division 45—Disposal of leases and leased plant

Table of sections
45‑1 Application of Division 45 of the Income Tax Assessment Act 1997
45‑3 Application of Division 45 to disposals between February 1999 and September 1999
45‑40 Application of Division to plant formerly owned by exempt entities

45‑1  Application of Division 45 of the Income Tax Assessment Act 1997
  Division 45 of the Income Tax Assessment Act 1997 applies to assessments for the income year in which 22 February 1999 occurs and later income years.

45‑3  Application of Division 45 to disposals between February 1999 and September 1999
 (1) For disposals of plant or interests in plant on or after 22 February 1999 and before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999, Division 45 of the Income Tax Assessment Act 1997 applies with the modifications specified in this section.
 (2) That Division applies as if subsection 45‑5(2) were replaced by this provision:
 (2) The amount included is the lesser of:
 (a) the excess referred to in paragraph (1)(e); and
 (b) the amounts you have deducted or can deduct for depreciation of the plant or, if you disposed of an interest in the plant, so much of those amounts as is attributable to that interest.
It is included for the income year in which the disposal occurred.
 (3) That Division applies as if paragraph 45‑5(5)(a) were replaced by this provision:
 (a) it is included in that assessable income under a provision of this Act outside this Division and Parts 3‑1 and 3‑3 (about capital gains and losses); or
 (4) That Division applies as if subsection 45‑10(2) were replaced by this provision:
 (2) The amount included is the lesser of:
 (a) the excess referred to in paragraph (1)(f); and
 (b) that part of the amounts the partnership has deducted or can deduct for depreciation of the plant that has been or would be reflected in your interest in the partnership net income or partnership loss (your partnership amount) or, if you disposed of part of your interest in the plant, so much of your partnership amount as is attributable to that part of that interest.
It is included for the income year in which the disposal occurred.
 (5) That Division applies as if paragraph 45‑10(5)(a) were replaced by this provision:
 (a) it is included in that assessable income under a provision of this Act outside this Division and Parts