Commonwealth Numbered Acts

Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT 52

52. Section 124ZAN of the Principal Act is amended-

   (a)  by inserting in paragraph (b) ''and before 13 January 1983'' after
''date''; and

   (b)  by adding at the end thereof the following sub-section:

''(2) Where the Commissioner is satisfied that-

   (a)  a contract or arrangement was entered into by a taxpayer before 13
        January 1983 in pursuance of which the taxpayer was to expend capital
        moneys in producing, or by way of contribution to the cost of
        producing, a film (in this sub-section referred to as the 'original
        film');

   (b)  on or after that date, the taxpayer entered into a contract (whether
        with the same or another person) in pursuance of which the taxpayer
        was to expend capital moneys in producing, or by way of contribution
        to the cost of producing, the original film or another film;

   (c)  the expenditure by the taxpayer of some or all of the capital moneys
        that were to be expended in pursuance of the contract referred to in
        paragraph (b) was to be in lieu of the expenditure by the taxpayer of
        some or all of the capital moneys that were to be expended by the
        taxpayer in pursuance of the contract or arrangement referred to in
        paragraph (a); and

   (d)  the taxpayer entered into the contract referred to in paragraph (b)
        for the purpose, or for purposes that included the purpose, of
        obtaining a deduction under this Subdivision in accordance with
        section 124ZAFA,

the Commissioner may, for the purposes of the application of this Subdivision
in relation to the capital moneys expended by the taxpayer in pursuance of the
contract referred to in paragraph (b), treat that contract as if it had been
entered into on the date on which the contract referred to in paragraph (a)
was entered into.''.