12‑439 MIT cross staple arrangement inco12‑439 MIT cross staple arrangement income—approved economic infrastructure facility exception

#### 12‑439 MIT cross staple arrangement income—approved economic infrastructure facility exception (1) This section covers a facility at a time if: (a) the facility is covered by an approval of the Treasurer under this section that is in force at that time; and (b) that time is no later than the end of the period of 15 years beginning on the day on which an asset that is part of the facility is first put to use. (2) This section covers an improvement to a facility at a time if: (a) the improvement to the facility is covered by an approval of the Treasurer under this section that is in force at that time; and (b) that time is no later than the end of the period of 15 years beginning on the day on which an asset that is part of the facility is first put to use after it has been improved under the improvement. (3) An \*Australian government agency (other than the Commonwealth) may make an application to the Treasurer in respect of a facility, or an improvement to a facility, specified in the application. (4) The Treasurer may approve the facility, or the improvement to the facility, specified in the application under subsection (3) if the Treasurer is satisfied that the following criteria are met: (a) the facility is an \*economic infrastructure facility; (b) in the case of an application in respect of a facility: (i) the estimated capital expenditure on the facility is $500 million or more; and (ii) the facility is yet to be constructed; and (iii) the facility will significantly enhance the long‑term productive capacity of the economy; and (iv) approving the facility is in the national interest; (c) in the case of an application in respect of an improvement to a facility: (i) the estimated capital expenditure on the improvement is $500 million or more; and (ii) the improvement is yet to be constructed; and (iii) the improvement will significantly enhance the long‑term productive capacity of the economy; and (iv) approving the improvement is in the national interest. (5) An economic infrastructure facility is a facility that is any of the following: (a) transport infrastructure; (b) energy infrastructure; (c) communications infrastructure; (d) water infrastructure. (6) An approval under subsection (4): (a) must be in writing; and (b) must specify the facility, or the improvement, that is approved; and (c) must specify the date on which the approval comes into force; and (d) may contain any other information that the Treasurer considers appropriate. (7) The Treasurer may publish an approval under subsection (4) in any way that he or she considers appropriate. (8) If the Treasurer decides not to approve the facility, or the improvement to a facility, specified in the application under subsection (3), the Treasurer must notify the applicant of the decision, in writing, as soon as practicable after making the decision.