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Wednesday, 11 November 1964

Senator HENTY (Tasmania) (Minister for Civil Aviation) . - The new provisions will apply in relation to improvements in respect of which deductions are now allowable. Lessors will be taxed broadly on the residual value of. improvements at the end of a lease. The lessee will be entitled to deductions for the cost of improvements. Turning to section 85, which Senator Wright has mentioned,the position has been that the cost of improvements was deductible as soon as a lease was assigned or surrendered, even though the lessor had no liability for tax on the value of the improvements. As from 23rd October, that position will be terminated, unless the assignment or surrender was made or agreed by that date.

Clause agreed to.

Clauses 21 to 24 agreed to.

Clause 25.

Section ninety-nine of the Principal Act is repealed and the following sections are inserted in its stead: "99a. - (1.) This section does not apply in relation to a trust estate in relation to any year of income if the trust resulted from -

(a)   a will, a codicil or an order of a court that varied or modified the provisions of a will or codicil; or

(b)   an intestacy or an order of a court that varied or modified the application, in relation to the estate of a deceased person, of the provisions of the law relating to the distribution of the estates of persons who die intestate.

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