Income Tax Assessment Act 1936

PART X - ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES  

Division 8 - Active income test  

Subdivision D - General interpretive provisions  

SECTION 441   HIRE-PURCHASE AND OTHER PROPERTY FINANCING TRANSACTIONS  

441(1)   [Hire-purchase transaction deemed a loan]  

For the purposes of this Part, in determining whether a company passes the active income test:

(a) a hire-purchase transaction or any other transaction for the financing of the acquisition of property is to be treated as a loan of money; and

(b) income derived under the transaction is to be treated as interest.

441(2)   [Interpretation]  

Nothing in subsection (1) limits the generality of the expressions ``interest'', ``loan'' or ``payment in the nature of interest''.