Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 240.40

Arrangement payments not to be included in notional seller's assessable income

             (1)  The * arrangement payments that the * notional seller receives, or is entitled to receive, under the * arrangement:

                     (a)  are not to be included in the * notional seller's assessable income of any income year; but

                     (b)  are not taken to be * exempt income of the notional seller.

             (2)  However, those * arrangement payments are taken into account in calculating * notional interest that is included in the * notional seller's assessable income under section 240- 35.

             (3)  A loss or outgoing incurred by the * notional seller in deriving any such * arrangement payments is not taken to be a loss or outgoing incurred by the notional seller in relation to gaining or producing * exempt income.

Guide to Subdivision 240-D



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