Commonwealth Consolidated Acts

AIRPORTS (TRANSITIONAL) ACT 1996 - SECT 54A

  (1)   For the purposes of Division   43 of the Income Tax Assessment Act 1997 , if:

  (a)   capital works are situated on land leased under an airport lease; and

  (b)   there is a pool of construction expenditure for the capital works; and

  (c)   immediately before the land was transferred from the FAC to the Commonwealth under Part   2 of this Act, the FAC was the owner of the capital works for the purposes of Division   43 of the Income Tax Assessment Act 1997 ;

then, so long as the airport - lessee company concerned continues to hold the airport lease, the airport - lessee company is taken to be the owner of the capital works.

  (2)   In this section:

"pool of construction expenditure" has the meaning given by section   43 - 85 of the Income Tax Assessment Act 1997 .