INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART XII - DROUGHT INVESTMENT ALLOWANCE  

Division 8 - Definitions etc.  

SECTION 680   MEANING OF LEASING COMPANY  

680(1)   [Definition]  

Subject to subsection (2), the expression leasing company means a corporation that carries on in Australia as its sole or principal business:

(a) the business of banking; or

(b) the business of borrowing money and:

(i) lending money, with or without security; or

(ii) letting property on hire under a hire-purchase agreement; or

(iii) leasing property.

680(2)   [Exception]  

The corporation is not a leasing company if the whole of the income of the business is exempt income.