Treasury Laws Amendment (2021 Measures No. 5) Act 2021 (127 of 2021)

Schedule 3   Miscellaneous and technical amendments

Part 2   Amendments commencing the first 1 January, 1 April, 1 July or 1 October to occur after Royal Assent

Division 8   Finance leases

Income Tax Assessment Act 1997

67   Subsection 705-56(1)

Repeal the subsection, substitute:

Application of this section

(1) This section applies if, just before the joining time, the joining entity is the lessor or lessee under a lease of a *depreciating asset (the underlying asset ) to which Division 40 applies.