Development allowance and general investment allowance—uncompleted contracts for the acquisition of property
39 Development allowance and general investment allowance—uncompleted contracts for the acquisition of property
.(1) This section applies to a unit of property if:
the State Bank of South Australia or a designated subsidiary of the State Bank of South Australia entered into a contract for the acquisition of the property; and
before the property was acquired by the State Bank of South Australia or the designated subsidiary, as the case may be, Bank of South Australia Limited acquired the rights under the contract as a result of the operation of a transfer provision; and
Bank of South Australia Limited acquired the property as a result of the performance of the contract.
The provisions of Subdivisions B and BA of Division 3 of Part III of the Income Tax Assessment Act 1936 apply, and are taken always to have applied, as if expenditure of a capital nature incurred by the State Bank of South Australia, or the designated subsidiary, as the case may be, under the contract in respect of the proposed acquisition of the property had been incurred instead by Bank of South Australia Limited.
Division 4—Transfer of tax file number information
Subdivision A—Transfers to Bank of South Australia Limited
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