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-F - The end of the arrangement  

Operative provisions

SECTION 240-85  

240-85   What happens if an amount is paid by or on behalf of the notional buyer to acquire the property  

If, at or after the end of the *arrangement, an amount is paid to the *notional seller by, or on behalf of, the *notional buyer to acquire the property, the following provisions have effect:

(a) the amount paid is not included in the notional seller's assessable income;

(b) the notional buyer cannot deduct the payment;

(c) the notional buyer is taken to continue to own the property;

(d) the transfer to the notional buyer of legal title to the property is not taken to be a disposal of the property by the notional seller.