Document ID: chunk:federal_register_of_legislation:C2010C00685:clause:10_52a
Version: federal_register_of_legislation:C2010C00685
Segment Type: clause
Provision Reference: sch 10 cl 52A
Character Range: 145579–146869

52A  Consideration received by the FAC for transfer of assets—Income Tax Assessment Act 1997

 (1) This section applies to an asset that was:
 (a) transferred from the FAC to the Commonwealth under section 11, 12 or 13; or
 (b) transferred from the FAC to an airport‑lessee company under section 30 or 31.

 (2) The Minister for Finance may make a written determination that the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 apply to the FAC as if the FAC had received consideration of an amount specified in the determination from the Commonwealth in respect of the transfer of a specified asset.

Note: If such a determination is relevant to working out a balancing adjustment, the termination value of the plant will be determined under item 13 or 14 in the table in section 42‑205 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 42‑F of the Income Tax Assessment Act 1997 to the asset and to the FAC.

 (4) A determination made by the Minister for Finance under section 52 before the commencement of this subsection has effect as if it had also been made under this section for the purposes of the Income Tax Assessment Act 1997.