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

40   Subsection 243-20(4)

Repeal the subsection, substitute:

(4) A notional loan arising because of Division 240 (about arrangements treated as a sale and loan) under a*hire purchase agreement is also a limited recourse debt .