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

41   Subsection 243-25(2)

Repeal the subsection, substitute:

(2) However, a debt arrangement that is a notional loan arising because of Division 240 (about arrangements treated as a sale and loan) is not taken to have terminated merely because it has been renewed or extended.

Note: Under Division 240, notional loans are taken to have ended if the relevant arrangement is renewed or extended.