New Business Tax System (Simplified Tax System) Act 2001 (78 of 2001)

Schedule 2   Consequential Amendments

Income Tax Assessment Act 1997

18   Subsection 995-1(1)

Insert:

short-term hire agreement : a short-term hire agreement is an agreement for the intermittent hire of an asset on an hourly, daily, weekly or monthly basis. However, an agreement for the hire of an asset is not a short-term hire agreement if, having regard to any other agreements for the hire of the same asset to the same entity or an *associate of that entity, there is a substantial continuity of hiring so that the agreements together are for longer than a short-term basis.