Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 240 - Arrangements treated as a sale and loan  

Subdivision 240-B - The notional sale and notional loan  

Operative provisions

SECTION 240-20   Notional sale of property by notional seller and notional acquisition of property by notional buyer  

240-20(1)    
The *notional seller is taken to have disposed of the property by way of sale to the *notional buyer, and the notional buyer is taken to have acquired it, at the start of the *arrangement.

240-20(2)    
The *notional buyer is taken to own the property until:

(a) the *arrangement ends; or

(b) the notional buyer becomes the *notional seller under a later arrangement to which this Division applies.