Tax Laws Amendment (Transfer of Provisions) Act 2010 (79 of 2010)

Schedule 3   Leases of luxury cars

Part 2   Consequential amendments

Income Tax Assessment Act 1997

59   Subsection 995-1(1) (definition oftermination amount)

Repeal the definition, substitute:

termination amount means an amount payable because an*arrangement in relation to property ends and includes:

(a) if, at the end of the arrangement, one party to the arrangement acquires the property from the other party - an amount payable for the acquisition; or

(b) if, at the end of the arrangement, the property is lost or destroyed - any amounts paid to the owner of the property as a result of the loss or destruction; or

(c) otherwise - the*market value of the property at the end of the arrangement.