Income Tax Assessment Act 1936
PART X
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ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES
(a) a hire-purchase transaction or any other transaction for the financing of the acquisition of property is to be treated as a loan of money; and
(b) income derived under the transaction is to be treated as interest. 441(2) [Interpretation]
Division 8
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Active income test
Subdivision D
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General interpretive provisions
SECTION 441
HIRE-PURCHASE AND OTHER PROPERTY FINANCING TRANSACTIONS
441(1)
[Hire-purchase transaction deemed a loan]
For the purposes of this Part, in determining whether a company passes the active income test:
(a) a hire-purchase transaction or any other transaction for the financing of the acquisition of property is to be treated as a loan of money; and
(b) income derived under the transaction is to be treated as interest. 441(2) [Interpretation]
Nothing in subsection (1) limits the generality of the expressions ``interest'', ``loan'' or ``payment in the nature of interest''.
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