Document ID: chunk:federal_register_of_legislation:C2004C01190:clause:2_51b
Version: federal_register_of_legislation:C2004C01190
Segment Type: clause
Provision Reference: sch 2 cl 51B
Character Range: 64434–65191

51B  Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997

 (1) This section applies to a depreciating asset that was transferred from the FAC to a company under section 30.

 (2) The Minister for Finance may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.

Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.

 (3) The FAC must give the Minister for Finance such information as the Minister for Finance requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.