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  

Overall test

SECTION 250-30   Third exclusion - certain short term or low value arrangements  

Certain short term or low value arrangements generally excluded

250-30(1)  
This Division does not apply to you and an asset that is being *put to a tax preferred use under a particular *arrangement if:


(a) the *arrangement period for the *tax preferred use of the asset does not exceed:


(i) 5 years if the asset is real property and the tax preferred use of the asset is a lease; or

(ii) 3 years in any other case; or


(b) at the start of the arrangement period, the total of the nominal values of all the *financial benefits that have been, will be or can reasonably be expected to be, provided to you (or a *connected entity):


(i) by *members of the tax preferred sector; and

(ii) in relation to the tax preferred use of the asset or any other asset that is being, or is to be, put to a tax preferred use under the arrangement;
does not exceed:

(iii) $50 million if the asset is real property and the tax preferred use of the asset is a lease; or

(iv) $30 million in any other case; or


(c) at the start of the arrangement period, the total of the values of all the assets that are put to a tax preferred use under the arrangement does not exceed:


(i) $40 million if the asset is real property and the tax preferred use of the asset is a lease; or

(ii) $20 million in any other case.

This subsection has effect subject to section 250-35 .

250-30(2)  
The amounts referred to in paragraphs (1)(b) and (c) are indexed annually.

Note:

Subdivision 960-M shows you how to index amounts.


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