INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) in the case of any taxpayer, for use by the taxpayer wholly and exclusively -
(i) in Australia; and
(ii) for the purpose of producing assessable income otherwise than by -
(A) the leasing of the eligible property;
(B) the letting of the eligible property on hire under a hire-purchase agreement; or
(C) the granting to other persons of rights to use the eligible property; or
(b) in the case of a taxpayer being a leasing company, for use wholly and exclusively -
(i) in Australia; and
by another person to whom the taxpayer has, on or after 27 February 1992, leased the eligible property under a long-term lease agreement that was entered into by the taxpayer in the course of carrying on business in Australia and was so entered into by the taxpayer and the other person at arm's length.
(ii) for the purpose of producing assessable income,
Sub-subparagraphs (1)(a)(ii)(A) and (C) do not apply if the taxpayer leases the property, or grants rights to use the property, in the taxpayer's capacity as an eligible entertainment/tourism operator.
(a) sub-subparagraph (1)(a)(ii)(A) does not apply to the leasing of eligible property to a related company for use wholly and exclusively in Australia; and
(b) sub-subparagraph (1)(a)(ii)(C) does not apply to the granting of rights to a related company to use eligible property wholly and exclusively in Australia;
if the use is to take place while the related company remains a related company and is to be wholly and exclusively for the purpose of producing assessable income other than by leasing the property or otherwise granting a right to another person to use the property.
(Omitted by No 98 of 1992)
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