Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 4) 1992 No. 191 of 1992 - SECT 28

28. Section 160U of the Principal Act is amended by omitting subsections (5)
and (6) and substituting the following subsections:

"(5) If paragraph 160M(5)(b) applies to the construction or creation of the
asset, the asset is taken to have been acquired as mentioned in that paragraph
when the construction of the asset commenced or when the work on, or work that
resulted in, the creation of the asset commenced.

"(6) If paragraph 160M(5)(c), 160M(6A)(a) or (b) or 160M(6B)(a) applies to the
construction or creation of the asset:

   (a)  if the asset was constructed or created under a contract - the asset
        is taken:

        (i)    in a paragraph 160M(5)(c) or 160M(6B)(a) case - to have been
               acquired as mentioned in that paragraph at the time of making
               of the contract; and

        (ii)   in a paragraph 160M(6A)(a) case - to have been acquired as
               mentioned in that paragraph immediately before the time of
               making of the contract; and

        (iii)  in a paragraph 160M(6A)(b) case - to have been disposed of as
               mentioned in that paragraph at the time of making of the
               contract; and

   (b)  in any other case - the asset is taken:

        (i)    in a paragraph 160M(5)(c) or 160M(6B)(a) case - to have been
               acquired as mentioned in that paragraph at the time of the
               vesting referred to in paragraph 160M(5)(c) or in paragraph
               160M(6)(b), as the case requires; and

        (ii)   in a paragraph 160M(6A)(a) case - to have been acquired as
               mentioned in that paragraph immediately before the time of the
               vesting referred to in paragraph 160M(6)(b); and

        (iii)  in a paragraph 160M(6A)(b) case - to have been disposed of as
               mentioned in that paragraph at the time of the vesting referred
               to in paragraph 160M(6)(b).

"(6A) Where:

   (a)  a provision of this Part, other than a provision of section 160M ('the
        relevant section 160M provision') referred to in subsection (5) or (6)
        of this section, applies to the construction or creation of an asset
        to deem there to have been an acquisition or disposal of the asset;
        and

   (b)  because the relevant section 160M provision does not apply, neither
        subsection (5) nor subsection (6) of this section applies; and

   (c)  the provision of this Part does not state the time at which the
        acquisition or disposal is taken to have occurred; then the
        acquisition or disposal is taken to have occurred at the time that
        would have been applicable under subsection (5) or (6) of this section
        if the relevant section 160M provision had applied.".