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

48   At the end of subsection 40-630(1)

Add:

Note: If Division 250 applies to you and an asset that is land:

(a) if section 250-150 applies - you are taken to be using the land for the purpose of carrying on a primary production business, or a business for the purpose of producing assessable income from the use of rural land (except a business of mining operations), to the extent specified in a determination made under subsection 250-150(3); or

(b) otherwise - you are taken not to be using the land for such a purpose.