Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-10
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FINANCIAL TRANSACTIONS
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.
Division 240
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Arrangements treated as a sale and loan
Subdivision 240-B
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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.
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