INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES

Division 5 - Leases

SECTION 160ZS GRANT OF LEASE TO CONSTITUTE DISPOSAL

160ZS(1) [Effect of grant of lease]

For the purposes of this Part, the grant of a lease of property shall not be taken to constitute the disposal of part of the property but shall be deemed to constitute the disposal by the lessor to the lessee of an asset (that is to say, the lease) created by the lessor for a consideration equal to the premium paid or payable for the grant of the lease.

160ZS(2) [Cost base of lease of property]

Notwithstanding section 160ZH , the cost base to a taxpayer of a lease of property granted by the taxpayer comprises the amounts of expenditure incurred by the taxpayer in respect of the grant of the lease and does not include any other amounts, and the indexed cost base and the reduced cost base shall be ascertained accordingly.

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