Document ID: chunk:federal_register_of_legislation:C2025C00014:section:51ad:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 51AD (pt 2/10)
Character Range: 334943–337536

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.
 (1C) This section does not apply to property on or after 1 July 2007 if:
 (a) Division 16D applied to the property immediately before 1 July 2007; or
 (b) this section did not apply to the property immediately before 1 July 2007 and Division 16D would apply to the property on or after 1 July 2007 but for subsection 159GH(2).
For the purposes of applying paragraph (b), disregard the operation of section 159GL.
 (1D) Subparagraph (4)(a)(iii) and sub‑subparagraph (4)(b)(ii)(D) do not apply to property acquired by a taxpayer if:
 (a) the property is acquired by the taxpayer on or after 1 July 2007; and
 (b) the property is not acquired under a legally enforceable arrangement entered into before 1 July 2007.
 (2) In this section, a reference to the acquisition of property by a person is a reference to:
 (a) the person becoming the owner of the property; or
 (b) the construction of the property for the person by another person or other persons on premises of the first‑mentioned person.
 (3) In this section, a reference to property being held for use includes a reference to property that is installed ready for use and held in reserve.
 (3B) For the purpose of this section, disregard an acquisition or disposal of property by way of the transfer of the property for the provision or redemption of a security. Consequently this section applies as if the person who was the owner of the property before the transfer continues to be the owner after the transfer.
 (4) Subject to subsections (1A), (1B), (1C), (1D) and (8), this section applies, in relation to a taxpayer, to property acquired or constructed by the taxpayer, being property acquired by the taxpayer under a contract entered into after the prescribed time or property constructed by the taxpayer, construction having commenced after that time, if:
 (a) at a time when the property is owned by the taxpayer, a person (which person is in this section referred to as the end‑user) holds rights as lessee under a lease of the property, and:
 (i) in a case where the end‑user is not a resident of Australia—while the lease is in force, the property is, or is to be, used by a person other than the taxpayer wholly or principally outside Australia;
 (ii) while the lease is in force, the property is, or is to be, used by a person other than the taxpayer otherwise than wholly and exclusively for the purpose of producing assessable income; or
 (iii) in a case where the property was acquired by