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

28   Subsection 240-60(1) (method statement, step 3)

Repeal the step, substitute:

Step 3. Work out the implicit interest rate for the*arrangement payment period, taking into account the*arrangement payments payable by the*notional buyer under the*arrangement and any*termination amounts.