Commonwealth Numbered Acts

INCOME TAX ASSESSMENT AMENDMENT ACT 1984 No. 14 of 1984 - SECT 12

12. Section 82AD of the Principal Act is amended-

   (a)  by omitting sub-paragraph (1) (b) (i) and substituting the following
        sub-paragraph:



"(i) a description of the property and, if the property is a sub-section
82AA(2) ship, the commissioning date of the ship, the eligible date in
relation to the ship and the depreciated value of the ship on the day on which
the ship was first used, or installed ready for use, for the purpose of
producing assessable income;"; and

   (b)  by omitting sub-section (2) and substituting the following
        sub-sections:



"(1A) For the purposes of the application of sub-section (1) in relation to a
sub-section 82AA(2) ship that was first used, or installed ready for use, by a
lessee before the eligible date in relation to the ship, the ship shall be
taken to have been first used, or installed ready for use, on the eligible
date in relation to the ship.



"(2) For the purposes of sub-section (1), the prescribed date, in relation to
property leased by a leasing company to another person, is-

   (a)  in the case of sub-section 82AA(1) property-

        (i)    where the agreement for the lease was entered into before 1
               July 1976-8 July 1976; or

        (ii)   in any other case-the eighth day after the end of the month in
               which the agreement for the lease is entered into; or

   (b)  in the case of a sub-section 82AA(2) ship-

        (i)    where the agreement for the lease was or is entered into before
               the day on which the ship became or becomes an eligible
               Australian ship-the eighth day after that day; or

        (ii)   in any other case-the eighth day after the end of the month in
               which the agreement for the lease is entered into, or, if the
               Commissioner has agreed to an extension of the period for
               lodgment of a declaration by the leasing company in relation to
               that property, the last day of the extended period.".