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

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

Part 4   Property transferred by way of security

Income Tax Assessment Act 1936

107   At the end of section 673

Add:

(3) For the purpose of this Part, disregard an acquisition or disposal of property by way of the transfer of the property for the provision or redemption of a security. Consequently this Part applies as if the person who was the owner of the property before the transfer continues to be the owner after the transfer.

Note: The heading to section 673 is altered by omitting " : quasi-ownership ".