Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 240 - Arrangements treated as a sale and loan  

Subdivision 240-C - Amounts to be included in notional seller ' s assessable income  

Operative provisions

SECTION 240-40   Arrangement payments not to be included in notional seller's assessable income  

240-40(1)  
The *arrangement payments that the *notional seller receives, or is entitled to receive, under the *arrangement:


(a) are not to be included in the *notional seller's assessable income of any income year; but


(b) are not taken to be *exempt income of the notional seller.

240-40(2)  
However, those *arrangement payments are taken into account in calculating *notional interest that is included in the *notional seller's assessable income under section 240-35 .

240-40(3)  
A loss or outgoing incurred by the *notional seller in deriving any such *arrangement payments is not taken to be a loss or outgoing incurred by the notional seller in relation to gaining or producing *exempt income.


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