Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 250 - Assets put to tax preferred use  

Subdivision 250-B - When this Division applies to you and an asset  

Tax preferred use of asset

SECTION 250-50   End user of an asset  

250-50(1)    
An entity (other than you) is an end user of an asset if the entity (or a *connected entity):


(a) uses, or effectively controls the use of, the asset; or


(b) will use, or effectively control the use of, the asset; or


(c) is able to use, or effectively control the use of, the asset; or


(d) will be able to use, or effectively control the use of, the asset.

250-50(2)    
The control referred to in subsection (1) may be direct or indirect.

250-50(3)    
For the purposes of subsection (1), disregard any temporary control of the asset that is for the purpose of ensuring public health or safety, protecting the environment or continuing the supply of an essential service.

250-50(4)    
To avoid doubt, an entity is taken to be an end user of an asset if the entity (or a *connected entity) holds rights as a lessee under a lease of the asset.

Note:

For particular arrangements that are treated as leases, see section 250-80 .



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