INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) a taxpayer (the lessor ) enters into a lease with another person (the lessee ) under which a right to use a unit of property that is plant or articles within the meaning of section 54 is granted to the lessee; and
(b) the property is a fixture on the land of a person other than the lessor and therefore the lessor is not the owner of the property; and
(c) if the property were not a fixture, the lessor would be the owner of the property; and
(d) under sections 54AC and 54AD , the lessor is an eligible lessor in relation to the property. 54AB(2) [Depreciation provisions]
If this section applies, the provisions of this Act relating to depreciation apply as if the lessor were the owner of the property instead of any other person.
54AB(3) [Provisions apply as if lessor were owner]Also, section 51AD , Subdivision B of Division 3 , Division 16D and Part XII apply in relation to property to which this section applies as if the lessor were the owner of the property instead of any other person.
View history note
Hide history noteFor the purposes of this section and sections 54AC and 54AD :
hire purchase agreement
means a contract for the hire of goods under which the hirer has a right or obligation to purchase the goods where the charge that is or may be made for hiring the goods, together with any other amount payable under the contract (including an amount to purchase the goods or to exercise an option to do so) exceeds the price of the goods.
(a) any arrangement to let a unit of property (other than realty) on hire under which a right to use the property is granted by the owner to another person for a monetary or other consideration; or
(b) a renewal of such an arrangement;
but does not include a hire purchase agreement.
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