Commonwealth Consolidated Acts

AIRPORTS (TRANSITIONAL) ACT 1996 - SECT 55

  (1)   This section applies if:

  (a)   a company is granted an airport lease under section   21; and

  (b)   the company's sale time does not occur within 7 days after the grant.

  (2)   The regulations may provide that:

  (a)   the provisions of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 relating to depreciation or capital allowances; and

  (b)   the provisions of either of those Acts relating to capital gains and capital losses;

apply in relation to:

  (c)   the airport lease; and

  (d)   assets transferred or leased to the company under section   23, 24, 30 or 31;

subject to such modifications as are specified in the regulations.