Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 250.70

    If:

  (a)   this Division applies to you and an asset because the asset is * put to a tax preferred use; and

  (b)   the * arrangement period for the * tax preferred use of the asset ends on a particular date (the termination date ); and

  (c)   the asset continues to be put to the tax preferred use after the termination date;

the tax preferred use of the asset after the termination date is taken to be a separate and distinct tax preferred use of the asset from the tax preferred use of the asset before the termination date.

Note:   This means, among other things, that there is a new arrangement period for the tax preferred use after the termination date and that the arrangement is retested under section   250 - 15 against circumstances as they stand immediately after the termination date.