Tax Laws Amendment (2007 Measures No. 5) Act 2007 (164 of 2007)

Schedule 1   Tax preferred entities (asset financing)

Part 2   Consequential amendments

Income Tax Assessment Act 1936

31   At the end of subsection 73BC(2)

Add:

Note 2: If Division 250 of the Income Tax Assessment Act 1997 applies to you and an asset:

(a) if section 250-150 of that Act applies - the asset is taken to be used, or installed ready for use, for the purpose of carrying on, by or on behalf of an eligible company, research or development activities to the extent specified in a determination made under subsection 250-150(3) of that Act; or

(b) otherwise - the asset is taken not to be used, or installed ready for use, for such a purpose.