Income Tax Assessment Act 1997
An entity is the notional seller if it is a party to the *arrangement and:
(a) actually owns the property; or
(b) is the owner of the property because of a previous operation of this Division. 240-17(2)
An entity is the notional buyer if it is a party to the *arrangement and, under the arrangement, has the *right to use the property.
If the arrangement is a hire purchase agreement, the finance provider will be the notional seller and the hirer will be the notional buyer.
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