INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

Part XII inserted by No 31 of 1995.

S 674 substituted for s 674 and 675 by No 72 of 2001, s 3 and Sch 2 item 6, applicable to arrangements entered into after 27 February 1998. S 674 formerly read:

MEANING OF HIRE-PURCHASE AGREEMENT  
674(1)
Subject to subsection (2), a hire-purchase agreement is an agreement for letting an item of property on hire under which the person taking the item on hire has a right (either absolutely or subject to conditions) to purchase the item.

674(2)
An agreement that would otherwise be covered by subsection (1) is not a hire-purchase agreement if, under the agreement:

(a) in determining whether any sum is payable on the exercise of the right to purchase the item; and

(b) if a sum is so payable, in determining its amount;

no regard is had to any part of any payment made under the agreement before the right is exercised.

S 674 inserted by No 31 of 1995.