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Taxation Laws Amendment Act (No. 1) 2001
No. 72, 2001
In force
Administered by
Department of the Treasury
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C2004C01257 C01
30 June 2001
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1 Short title
2 Commencement
3 Schedule(s)
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Schedule 2—Arrangements treated as a sale and loan and limited recourse debt
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Part 1—Insertion of Divisions 240 and 243
Income Tax Assessment Act 1997
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Part 3-10—Financial transactions
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Division 240—Arrangements treated as a sale and loan
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Guide to Division 240
240-1 What this Division is about
240-3 How the recharacterisation affects the notional seller
240-7 How the recharacterisation affects the notional buyer
Subdivision 240-A—Application and scope of Division
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Operative provisions
240-10 Application of this Division
240-15 Scope of Division
Subdivision 240-B—The notional sale and notional loan
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Operative provisions
240-17 Who is the notional seller and the notional buyer?
240-20 Notional sale of property by notional seller and notional acquisition of property by notional buyer
240-25 Notional loan by notional seller to notional buyer
Subdivision 240-C—Amounts to be included in notional seller’s assessable income
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Guide to Subdivision 240-C
240-30 What this Subdivision is about
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Operative provisions
240-35 Amounts to be included in notional seller’s assessable income
240-40 Arrangement payments not to be included in notional seller’s assessable income
Subdivision 240-D—Deductions allowable to notional buyer
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Guide to Subdivision 240-D
240-45 What this Subdivision is about
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Operative provisions
240-50 Extent to which deductions are allowable to notional buyer
240-55 Arrangement payments not to be allowable deductions
Subdivision 240-E—Notional interest and arrangement payments
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Operative provisions
240-60 Notional interest
240-65 Arrangement payments
240-70 Arrangement payment periods
Subdivision 240-F—The end of the arrangement
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Operative provisions
240-75 When is the end of the arrangement?
240-78 Termination amounts
240-80 What happens if the arrangement is extended or renewed
240-85 What happens if an amount is paid by or on behalf of the notional buyer to acquire the property
240-90 What happens if the notional buyer ceases to have the right to use the property
Subdivision 240-G—Adjustments if total amount assessed to notional seller differs from amount of finance charge
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Guide to Subdivision 240-G
240-100 What this Subdivision is about
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Operative provisions
240-105 Adjustments for notional seller
240-110 Adjustments for notional buyer
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Subdivision H—Application of Division 16E to certain arrangements
240-112 Division 16E applies to certain arrangements
Subdivision 240-I—Provisions applying to hire purchase agreements
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Operative provisions
240-115 Another person, or no person taken to own property in certain cases
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Division 243—Limited recourse debt
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Guide to Division 243
243-10 What this Division is about
Subdivision 243-A—Circumstances in which Division operates
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Operative provisions
243-15 When does this Division apply?
243-20 What is limited recourse debt?
243-25 When is a debt arrangement terminated?
243-30 What is the financed property and the debt property?
Subdivision 243-B—Working out the excessive deductions
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Operative provisions
243-35 Working out the excessive deductions
Subdivision 243-C—Amounts included in assessable income and deductions
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Operative provisions
243-40 Amount included in debtor’s assessable income
243-45 Deduction for later payments in respect of debt
243-50 Deduction for payments for replacement debt
243-55 Effect of Division on later capital allowance deductions
243-57 Effect of Division on later capital allowance balancing adjustments
243-58 Adjustment where debt only partially used for expenditure
Subdivision 243-D—Special provisions
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Operative provisions
243-60 Application of Division to partnerships
243-65 Application where partner reduces liability
243-70 Application of Division to companies ceasing to be 100% subsidiary
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243-75 Application of Division where debt forgiveness rules also apply
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Part 2—Consequential amendments: arrangements treated as a sale and loan
Income Tax Assessment Act 1936
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674 Meaning of hire purchase agreement
Income Tax Assessment Act 1997
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Part 3—Consequential amendments: limited recourse debt
Income Tax Assessment Act 1936
Income Tax Assessment Act 1997
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Part 4—Property transferred by way of security
Income Tax Assessment Act 1997
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Subdivision 41-C—Common rule 3 (Provisions relating to the ownership of the property)
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41-90 Owner of property that is transferred by way of security
Income Tax Assessment Act 1936
82AIA Transfer by way of security
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124ZAEA Transfer by way of security
Part 5—Application of amendments
Notes to the STYLEREF ShortT \* MERGEFORMAT Taxation Laws Amendment Act (No. 1) 2001
