Taxation Ruling

TR 2006/13A - Addendum

Income tax: sale and leasebacks

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Addendum

This Addendum amends Taxation Ruling TR 2006/13 to confirm that the Ruling does not apply to arrangements which are subject to Division 42A of Schedule 2E of the Income Tax Assessment Act 1936.

Taxation Ruling TR 2006/13 is amended as follows:

1. Paragraph 7

After the paragraph, insert:

7A. Similarly, this Ruling does not apply to arrangements that include luxury car leases. Such arrangements give rise to special tax consequences under Division 42A of Schedule 2E of the Income Tax Assessment Act 1936 (ITAA 1936).

2. Paragraph 8

Omit the paragraph; substitute:

8. Sale and leasebacks are recognised in the ITAA 1936 and the ITAA 1997 as transactions capable of having a tax effect: subsection 82AB(7) and Division 16D of Part III (note also section 51AD and subsection 57AM(33)) of the ITAA 1936; subsection 40-65(3) of the ITAA 1997.

This Addendum applies on and from 1 November 2006.

Commissioner of Taxation
10 January 2007

References

ATO references:
NO 2006/20258