INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 17 - Rebates  

Subdivision AAD - Heritage conservation rebate  

SECTION 159UP   159UP   TRANSACTIONS BETWEEN PERSONS NOT AT ARM'S LENGTH  
If:


(a) a taxpayer applies to the Minister for a final certificate; and


(b) the Minister considers that the taxpayer and another party, or parties, to any transaction involving the incurring of any of the expenditure mentioned in the application were not dealing with each other at arm's length in relation to the transaction; and


(c) the Minister considers that the amount of the expenditure exceeds the amount that would have been incurred if the parties had been dealing with each other at arm's length in relation to the transaction;

the Minister must, for the purposes of section 159UO , disregard the excess.


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