Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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 Finance Minister 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 of the table in former section 42 - 205 of the Income Tax Assessment Act 1997 , or item 11 of the table in subsection 40 - 300(2) of that Act.
(3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of former Subdivision 42 - F of the Income Tax Assessment Act 1997 , or Subdivision 40 - D of that Act, to the asset and to the FAC.
(4) A determination made by the Finance Minister 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 .