Section 50
Interpretation of this Part
of Economic Expansion Incentives (Relief from Income Tax) Act 1967
In this Part, unless the context otherwise requires —“approval letter” means a letter issued under section 51(5);“approved project” means a project approved by the Minister under section 51(2);“concessionary income” means income subject to tax at a concessionary rate of tax under this Act or the Income Tax Act 1947, or under the regulations made under any of those Acts;“fixed capital expenditure”, in relation to any qualifying equipment for an approved project, means capital expenditure (including capital expenditure on alteration to any building incidental to the installation of the qualifying equipment) to be incurred on the qualifying equipment on or after the investment day for the approved project in question;“IIA” means an integrated investment allowance given under section 52;“investment day”, in relation to an approved project, means the date specified in section 51(5)(b) for the project;“net chargeable concessionary income” means concessionary income after deducting expenses, donations, allowances or losses allowable under the Income Tax Act 1947 against the concessionary income, and after deducting investment allowance (if any) under Part 8;“net chargeable normal income” means normal income after deducting expenses, donations, allowances or losses allowable under the Income Tax Act 1947 against the normal income, and after deducting investment allowance (if any) under Part 8;“normal income” means income subject to tax at the rate of tax under section 43(1)(a) of the Income Tax Act 1947;“project company” means the company referred to as such in section 51(1);“qualifying equipment”, in relation to a company that is issued an approval letter for an approved project, means —
for a project that is approved under section 51(2) before 21 February 2017 —
any new productive equipment; or
any second‑hand productive equipment (other than productive equipment sold and repurchased by the company),to be provided to and used by a project company solely for manufacturing any product for the firstmentioned company or providing specialised engineering or technical services on behalf of or to the firstmentioned company under the approved project; and
for a project that is approved under section 51(2) on or after 21 February 2017 —
any new productive equipment; or
any second‑hand productive equipment (other than productive equipment sold and repurchased by the company),to be provided to and used by a project company solely or primarily for manufacturing any product for the firstmentioned company or providing specialised engineering or technical services on behalf of or to the firstmentioned company under the approved project;“qualifying period”, in relation to any qualifying equipment, means the period specified in section 51(5)(b) for that equipment.[97ZA
Definition
“approval letter” means a letter issued under section 51(5);
Definition
“approved project” means a project approved by the Minister under section 51(2);
Definition
“concessionary income” means income subject to tax at a concessionary rate of tax under this Act or the Income Tax Act 1947, or under the regulations made under any of those Acts;
Definition
“fixed capital expenditure”, in relation to any qualifying equipment for an approved project, means capital expenditure (including capital expenditure on alteration to any building incidental to the installation of the qualifying equipment) to be incurred on the qualifying equipment on or after the investment day for the approved project in question;
Definition
“IIA” means an integrated investment allowance given under section 52;
Definition
“investment day”, in relation to an approved project, means the date specified in section 51(5)(b) for the project;
Definition
“net chargeable concessionary income” means concessionary income after deducting expenses, donations, allowances or losses allowable under the Income Tax Act 1947 against the concessionary income, and after deducting investment allowance (if any) under Part 8;
Definition
“net chargeable normal income” means normal income after deducting expenses, donations, allowances or losses allowable under the Income Tax Act 1947 against the normal income, and after deducting investment allowance (if any) under Part 8;
Definition
“normal income” means income subject to tax at the rate of tax under section 43(1)(a) of the Income Tax Act 1947;
Definition
“project company” means the company referred to as such in section 51(1);
Definition
“qualifying equipment”, in relation to a company that is issued an approval letter for an approved project, means —
for a project that is approved under section 51(2) before 21 February 2017 —
any new productive equipment; or
any second‑hand productive equipment (other than productive equipment sold and repurchased by the company),to be provided to and used by a project company solely for manufacturing any product for the firstmentioned company or providing specialised engineering or technical services on behalf of or to the firstmentioned company under the approved project; and
for a project that is approved under section 51(2) on or after 21 February 2017 —
any new productive equipment; or
any second‑hand productive equipment (other than productive equipment sold and repurchased by the company),to be provided to and used by a project company solely or primarily for manufacturing any product for the firstmentioned company or providing specialised engineering or technical services on behalf of or to the firstmentioned company under the approved project;
Definition
“qualifying period”, in relation to any qualifying equipment, means the period specified in section 51(5)(b) for that equipment.[97ZA