Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 242-30 242-30 What this Subdivision is about
The lessor ' s assessable income includes the interest on the notional loan.
The lease payments to the lessor are non-assessable non-exempt income.
Note:
If the consideration for a notional sale of a car exceeds the adjustable value of the car to the lessor, the excess will be included in the lessor ' s assessable income under section 40-285 .
There would be a similar result if the lessor is treated as having reacquired the car and then sells the car for more than the cost of reacquisition.
| Operative provisions | |
| 242-35 | Amount to be included in lessor ' s assessable income |
| 242-40 | Treatment of lease payments |
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