New Business Tax System (Simplified Tax System) Act 2001 (78 of 2001)

Schedule 2   Consequential Amendments

Income Tax Assessment Act 1997

13   Subsection 995-1(1)

Insert:

depreciating asset lease : a depreciating asset lease is an agreement (including a renewal of an agreement) under which the entity that *holds the *depreciating asset grants a right to use the asset to another entity. However, a depreciating asset lease does not include a *hire purchase agreement or a *short-term hire agreement.