Airports (Transitional) Act 1996

This section applies if:

a company obtains a lease relating to particular land under section 21, 22 or 23; and

at the time the lease was obtained, a depreciating asset is attached to the land.

If:

just before the land vested in the Commonwealth under Part 2:

the part of the land to which the depreciating asset was attached was held by another entity under a quasi‑ownership right over land granted by an exempt Australian government agency; and

the other entity was the holder of the asset; and

on the grant of the lease referred to in paragraph (1)(a), the other entity became a sub‑lessee of the company;

If:

subsection (2) does not apply to the depreciating asset; and

the FAC was the holder of the asset just before the land vested in the Commonwealth under Part 2;

the company held the asset; and

the amount paid by the company for the grant of the lease were an amount paid for the acquisition of the right.

However, the Finance Minister may make a written determination of the cost of the asset referred to in subsection (3) for the purposes of Division 40 of the Income Tax Assessment Act 1997.

If a determination is made, the cost of the asset will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.

The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.

This section does not affect the operation of section 19 of the Civil Aviation Legislation Amendment Act 1995.

In this section:

a company;

a partnership;

a person in a capacity of trustee;

any other person.