25‑115 Deduction for payment of rent fro25‑115 Deduction for payment of rent from land investment by operating entity to asset entity in relation to approved economic infrastructure facility

#### 25‑115 Deduction for payment of rent from land investment by operating entity to asset entity in relation to approved economic infrastructure facility (1) An entity that is an \*operating entity in relation to a \*cross staple arrangement can deduct an amount, for an income year, of \*rent from land investment if: (a) another entity derives or receives the amount from the operating entity: (i) in the income year; and (ii) on or after 27 March 2018; and (b) the cross staple arrangement was entered into in relation to: (i) a facility that is covered by section 12‑439 in Schedule 1 to the Taxation Administration Act 1953 at a time in the income year; or (ii) an improvement to a facility that is covered by that section at a time in the income year; and (c) the other entity is an \*asset entity in relation to the cross staple arrangement; and (d) apart from this subsection, the operating entity could otherwise deduct the amount under this Act; and (e) the amount is \*excepted MIT CSA income of the asset entity for the income year; and (f) each entity that is a \*stapled entity in relation to the cross staple arrangement has made a choice in accordance with subsection (3). (2) If the \*asset entity is not a \*managed investment trust in relation to the income year, for the purposes of paragraph (1)(e), treat it as a managed investment trust in relation to the income year. (3) An entity makes a choice in accordance with this subsection if: (a) the entity makes the choice in the \*approved form; and (b) the entity makes the choice before: (i) the start of the income year in which the asset is first put to use; or (ii) a later time allowed by the Commissioner; and (c) the entity gives the choice to the Commissioner within 60 days after the entity makes the choice. (4) The choice cannot be revoked.