Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 250 - Assets put to tax preferred use  

Subdivision 250-B - When this Division applies to you and an asset  

Overall test

SECTION 250-15   250-15   General test  


This Division applies to you and an asset at a particular time if:


(a) the asset is being *put to a tax preferred use; and


(b) the *arrangement period for the *tax preferred use of the asset is greater than 12 months; and


(c) *financial benefits in relation to the tax preferred use of the asset have been, will be or can reasonably be expected to be, *provided to you (or a *connected entity) by:


(i) a *tax preferred end user (or a connected entity); or

(ii) any *tax preferred entity (or a connected entity); or

(iii) any entity that is a foreign resident; and


(d) disregarding this Division, you would be entitled to a *capital allowance in relation to:


(i) a decline in the value of the asset; or

(ii) expenditure in relation to the asset; and


(e) you lack a *predominant economic interest in the asset at that time.


 

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