Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 242-60 What this Subdivision is about
When a luxury car lease is extended, renewed or ends, the overall nominal gain to the lessor is compared to the nominal interest so far paid under the lease.
If the overall nominal gain is greater, the difference is assessable income of the lessor, and the lessee may be able to deduct it.
If the overall nominal gain is less, the lessor can deduct the difference, which may also be assessable income of the lessee.
This process ensures that the right amount has been taxed over the term of the lease.
| Operative provisions | |
| 242-65 | Adjustments for lessor |
| 242-70 | Adjustments for lessee |
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