54AAirport‑lessee company to be capital works owner for the purposes of Division 43 of the Income Tax Assessment Act 1997

#### 54A Airport‑lessee company to be capital works owner for the purposes of Division 43 of the Income Tax Assessment Act 1997 (1) For the purposes of Division 43 of the Income Tax Assessment Act 1997, if: (a) capital works are situated on land leased under an airport lease; and (b) there is a pool of construction expenditure for the capital works; and (c) immediately before the land was transferred from the FAC to the Commonwealth under Part 2 of this Act, the FAC was the owner of the capital works for the purposes of Division 43 of the Income Tax Assessment Act 1997; then, so long as the airport‑lessee company concerned continues to hold the airport lease, the airport‑lessee company is taken to be the owner of the capital works. (2) In this section: > pool of construction expenditure has the meaning given by section 43‑85 of the Income Tax Assessment Act 1997.