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

56   Subsection 995-1(1) (definition ofspecial accrual amount)

Repeal the definition, substitute:

special accrual amount means an amount that is included in assessable income, or an amount that can be deducted from assessable income, under any of the following:

(a) Division 230 (about taxation of financial arrangements), other than Subdivision 230-B;

(b) Subdivision 230-A if:

(i) the accruals method provided for in Subdivision 230-B is applied to take account of the gain or loss concerned; and

(ii) all the*financial benefits provided and received under the*financial arrangement concerned are denominated in a particular*foreign currency;

(c) Division 240 (about arrangements treated as a sale and loan);

(d) Division 242 (about luxury car leases);

(e) Division 16D of Part III of theIncome Tax Assessment Act 1936 (about certain arrangements relating to the use of property);

(f) Division 16E of Part III of theIncome Tax Assessment Act 1936 (about accruals assessability in respect of certain security payments).