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

55   At the end of section 40-835

Add:

Note: If Division 250 applies to you and an asset:

(a) if section 250-150 applies - you are taken to be using the asset for taxable purposes 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 purposes.