Taxation Laws Amendment Act (No. 1) 2001 (72 of 2001)

Schedule 2   Arrangements treated as a sale and loan and limited recourse debt

Part 2   Consequential amendments: arrangements treated as a sale and loan

Income Tax Assessment Act 1936

6   Sections 674 and 675

Repeal the sections, substitute:

674 Meaning of hire purchase agreement

A hire purchase agreement means a hire purchase agreement to which Division 240 of the Income Tax Assessment Act 1997 applies.

Note: Division 240 of the Income Tax Assessment Act 1997 sets out when property under a hire purchase agreement is disposed of.