Taxation Laws Amendment Act (No. 4) 1997 (174 of 1997)

Schedule 6   Quasi-ownership of fixtures

Part 1   Amendment of the Income Tax Assessment Act 1997

14   Section 995-1

Insert:

hire purchase agreement means:

(a) a contract for the hire of goods where:

(i) the hirer has the right or obligation to buy the goods; and

(ii) the charge that is or may be made for the hire, together with any other amount payable under the contract (including an amount to buy the goods or to exercise an option to do so), exceeds the price of the goods; and

(iii) title in the goods does not pass to the hirer until the option to purchase is exercised; or

(b) an agreement for the purchase of goods by instalments where title in the goods does not pass until the final instalment is paid.