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
59 Subsection 995-1(1) (definition oftermination amount)
Repeal the definition, substitute:
termination amount means an amount payable because an*arrangement in relation to property ends and includes:
(a) if, at the end of the arrangement, one party to the arrangement acquires the property from the other party - an amount payable for the acquisition; or
(b) if, at the end of the arrangement, the property is lost or destroyed - any amounts paid to the owner of the property as a result of the loss or destruction; or
(c) otherwise - the*market value of the property at the end of the arrangement.