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INCOME TAX ASSESSMENT ACT 1997 - SECT 43.170

Own use--capital works other than hotel and apartment buildings

             (1)  A part of capital works, other than a * hotel building or an * apartment building, is taken not to be used for the * purpose of producing assessable income if that part is for use mainly for, or in association with, residential accommodation by you or an * associate.

Note:          This subsection affects Tables 43-140 and 43-145.

             (2)  Subsection (1) does not apply to use by an * associate under an * arrangement:

                     (a)  to which you and the associate are parties; and

                     (b)  that is of a kind that the parties could reasonably be expected to have entered into if they had been dealing with each other at * arm's length; and

                     (c)  that was not entered into for the purpose of obtaining a deduction under this Division.

             (3)  If property that constitutes the whole or part of capital works, other than a * hotel building or an * apartment building, is part of an individual's home, the property is taken to be used, or for use, wholly or mainly for or in association with residential accommodation.

Note:          This subsection affects Tables 43-90 and 43-140.



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