Document ID: chunk:federal_register_of_legislation:C2011C00519:clause:1_33
Version: federal_register_of_legislation:C2011C00519
Segment Type: clause
Provision Reference: sch 1 cl 33
Character Range: 114191–115100

33  Before subsection 159GH(1)
Insert:

 (1A) This Division does not apply in relation to the item of eligible property that is put to a tax preferred use (within the meaning of the Income Tax Assessment Act 1997) if the tax preferred use:
 (a) starts on or after 1 July 2007; and
 (b) does not occur under a legally enforceable arrangement entered into before 1 July 2007.

 (1B) This Division does not apply in relation to the item of eligible property that is put to a tax preferred use (within the meaning of the Income Tax Assessment Act 1997) if:
 (a) the tax preferred use starts on or after 1 July 2007; and
 (b) the tax preferred use occurs under a legally enforceable arrangement that was entered into before 1 July 2007; and
 (c) an election is made under item 71 of Schedule 1 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 to have subitem 71(2) of that Schedule apply to the property.