Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 242-85 242-85 What happens if an amount is paid by the lessee to acquire the car
If, at the end of the lease or, if it is extended or renewed, at the end of any extension or renewal (the end time ), an amount is paid to the lessor by, or on behalf of, the lessee to acquire the *car, the following provisions have effect:
(a) the amount paid is not included in the lessor ' s assessable income;
(b) the lessee cannot deduct the payment;
(c) this Act has effect as if:
(i) the lessee continued to be the owner of the car until the lessee disposes of it; and
(ii) the transfer to the lessee of legal title to the car were not a disposal of the car by the lessor.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
