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 1997
44 At the end of section 40-25
Add:
(8) If Division 250 applies to you and an asset that is a *depreciating asset:
(a) if section 250-150 applies - you are taken to be using the asset for a *taxable purpose to the extent specified in a determination made under subsection 250-150(3); or
(b) otherwise - you are taken not to be using the asset for such a purpose.
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