Document ID: chunk:federal_register_of_legislation:C2018C00042:section:51b
Version: federal_register_of_legislation:C2018C00042
Segment Type: section
Provision Reference: s 51B
Character Range: 50115–50856

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 Finance Minister 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 Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.