Division 4 - Leases  


83(1)   [Definitions]  

In this Division -

, when used in relation to any time, means the person at that time entitled to the reversion.

net premium
means the amount ascertained by deducting from a premium the allowable deductions directly relating thereto.

means a consideration payable in one amount, or each amount of a consideration payable in more than one amount, where the consideration is -

(a) in the nature of a premium, fine or foregift payable to a person for or in connexion with the grant or assignment by him of a lease;

(b) for or in connexion with an assent to the grant or assignment of a lease; or

(c) for or in connexion with the surrender of a lease, whether the consideration is payable by the lessor to the lessee or by the lessee to the lessor,

and includes an amount in respect of goodwill or a licence that is required by section 83A to be deemed to be a premium, but does not include any other amount attributable to goodwill or a licence.

term of the lease
means the length of time which the lease has to run from the date when the premium is received, and in the case where the premium is received for or in connexion with the surrender of a lease, the length of time which the lease would have had to run at the date of such receipt if it had not been surrendered.

83(2)   [Allocation of amounts for goodwill and other assets]  

Where, in connexion with the grant, assignment or surrender of a lease, there is an agreement to sell or assign goodwill, a licence or other assets, the amount of the consideration attributable to the lease shall, subject to subsection 59(3) and subsection 73A(4) of this Act and to sections 40-300 , 70-90 and 70-95 of the Income Tax Assessment Act 1997 , be -

(a) where a separate amount is allocated to the lease in any contract of sale or arrangement and the Commissioner is satisfied that that separate amount is fair and reasonable - the amount so allocated; or

(b) where no separate amount is so allocated or the Commissioner is not satisfied that the amount allocated is fair and reasonable - the amount determined by the Commissioner.

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