(1) The consideration for the notional sale by the lessor, and the first element of the * cost of the * car for the lessee, are the car's * market value at the start of the term of the lease.
(a) the lease is a sublease; and
(b) the lessee is one or more of the following:
(i) an * associate of the lessor;
(ii) an employer of the lessor;
(iii) an employee of the lessor;
the first element of the * cost of the * car to the lessee is the sum of:
(c) the amount that would have been the car's * adjustable value at the start of the term of the lease for the purposes of applying this Act to the lessor if the lessor were not taken under this Division to have disposed of the car; and
(d) any amount that is included in the lessor's assessable income under section 40- 285 as a balancing adjustment because the lessor is treated as having disposed of the car.
Note: Section 242-20 of the Income Tax (Transitional Provisions) Act 1997 extends paragraph (2)(d) to cover amounts included in assessable income under former provisions corresponding to section 40- 285.