INCOME TAX ASSESSMENT ACT 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 974 - Debt and equity interests  

Subdivision 974-F - Related concepts  

SECTION 974-160   Financial benefit  

974-160(1)  
In this Act:

financial benefit
:


(a) means anything of economic value; and


(b) includes property and services; and


(c) includes anything that regulations made for the purposes of subsection (3) provide is a financial benefit;

even if the transaction that confers the benefit on an entity also imposes an obligation on the entity.

974-160(2)  
In applying subsection (1), benefits and obligations are to be looked at separately and not set off against each other.

974-160(3)  
The regulations may provide that a thing specified in the regulations is a financial benefit for the purposes of this Act.


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