Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Division applies to:
(a) an improvement to land; or
(b) a fixture on land;
whether the improvement or fixture is removable or not, as if it were an asset separate from the land.
(2) Whether a particular composite item is itself an asset or whether its components are separate assets is a question of fact and degree which can only be determined in the light of all the circumstances of the particular case.
Example 1: A car is made up of many separate components, but usually the car is an asset rather than each component.
Example 2: A floating restaurant consists of many separate components (like the ship itself, stoves, fridges, furniture, crockery and cutlery), but usually these components are treated as separate assets.
(3) This Division applies to a renewal or extension of an asset that is a right as if the renewal or extension were a continuation of the original right.
(4) This Division applies to an asset (the underlying asset ) in which:
(a) you have an interest; and
(b) one or more other entities also have an interest;
as if your interest in the underlying asset were itself the underlying asset.