Ministerial determinations for purposes of application of Income Tax Assessment Acts in respect of assets transferred to Snowy Hydro Company
51 Ministerial determinations for purposes of application of Income Tax Assessment Acts in respect of assets transferred to Snowy Hydro Company
This section applies to an asset that is transferred to the Snowy Hydro Company by:
a transfer instrument or transfer instruments referred to in paragraph 2(a) of Schedule 1; or
an order or orders referred to in paragraph 2(b), (c) or (d) of that Schedule.
The Finance Minister may make a written determination that the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 have effect, in relation to the Company, as if:
the Company acquired, and became the owner of, a specified asset on a date stated in the determination; and
the Company had given consideration in respect of the acquisition of the asset by it; and
the consideration so given:
was the amount stated in the determination; and
represented the cost to the Company of the asset.
The amount to be stated in a determination under subparagraph (2)(c)(i) in respect of a particular asset is the amount determined in relation to that asset in a relevant agreement entered into as mentioned in clause 6 of Schedule 1.
A determination under subsection (2) has effect accordingly.
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