Tax Laws Amendment (2007 Measures No. 5) Act 2007 (164 of 2007)

Schedule 1   Tax preferred entities (asset financing)

Part 2   Consequential amendments

Income Tax Assessment Act 1997

58   At the end of subsection 43-140(1)

Add:

Note 2: If Division 250 applies to you and an asset that is a capital work:

(a) if section 250-150 applies - you are taken to be using the capital work for the purpose of producing assessable income, or for the purpose of carrying on research and development activities, to the extent specified in a determination made under subsection 250-150(3); or

(b) otherwise - you are taken not to be using the capital work for such a purpose.