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 250-80   250-80   Treatment of particular arrangements in the same way as leases  


This Division applies to an *arrangement that:


(a) in substance or effect, depends on the use of a specific asset that is:


(i) real property; or

(ii) goods or a personal chattel (other than money or a money equivalent); and


(b) gives a right to control the use of the asset (other than temporarily for the purpose of ensuring public health or safety, protecting the environment or continuing the supply of an essential service); and


(c) is not a lease;

in the same way as it applies to a lease.

Note:

Even if this section applies to treat an arrangement in relation to an asset as a lease, the requirements in section 250-50 still need to be satisfied before an entity can be an end user of the asset.


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