Income Tax Assessment Act 1997
CHAPTER 4
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INTERNATIONAL ASPECTS OF INCOME TAX
This Division does not apply to:
(a) an asset that is used (or held for use) wholly or principally for private or domestic purposes; or
(b) a *non-debt liability that is wholly or principally of a private or domestic nature.
PART 4-5
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GENERAL
Division 820
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Thin capitalisation rules
Subdivision 820-A
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Preliminary
SECTION 820-32
820-32
Exemption for private or domestic assets and non-debt liabilities
This Division does not apply to:
(a) an asset that is used (or held for use) wholly or principally for private or domestic purposes; or
(b) a *non-debt liability that is wholly or principally of a private or domestic nature.
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