INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 4 - Leases  

SECTION 83A   CONSIDERATION FOR GOODWILL OR LICENCE  

83A(1)   [Application]  

Where -

(a) an agreement for the grant, assignment or surrender of a lease of land is made after 31 December 1952;

(b) in or in connexion with that agreement, an agreement in writing is made whereby goodwill or a licence in respect of a business carried on upon that land is agreed to be sold or assigned; and

(c) an amount is specified or allocated in the last-mentioned agreement as the consideration for the goodwill or licence,

this section applies to the amount so specified or allocated.

83A(2)   [Amount treated as premium]  

If the parties to an agreement under which an amount to which this section applies is payable agree (in accordance with subsection (3)) that the amount is to be treated as a premium, so much of that amount as is paid in the year of income shall be deemed, for all purposes of this Division, to be a premium in respect of the land upon which the business is carried on.

83A(3)   [Form and time of agreement]  

An agreement under subsection (2) must be:

(a) in writing and signed by or on behalf of each party to the agreement; and

(b) made on or before 31 August next succeeding the end of the financial year in which the agreement was made or on or before such later date as the Commissioner determines.