INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history note(a) a person has purchased from another person a unit of property (other than a mining or prospecting right or a quarrying or prospecting right):
(i) in respect of which the vendor had incurred capital expenditure of a kind in respect of which deductions are or have been allowable under this Division; or
(ii) the expenditure of the purchaser in acquiring which is expenditure of such a kind;
(b) the Commissioner is satisfied that, having regard to any connexion between the vendor and the purchaser or to any other relevant circumstances, those persons were not dealing with each other at arm's length; and
(c) the purchase price is greater or less than the amount that, in the opinion of the Commissioner, was the value of the unit at the time of the purchase,
the purchase price shall, for all purposes of the application of this Act in relation to the vendor or the purchaser, be deemed to have been that amount.
In this section:
mining or prospecting right
has the same meaning as in Subdivision A.
quarrying or prospecting right
has the same meaning as in Subdivision B.
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