Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 250.125

  (1)   You lack a predominant economic interest in an asset at a particular time if:

  (a)   any * arrangement that relates to:

  (i)   the * tax preferred use of the asset; or

  (ii)   the * financial benefits to be * provided by the * members of the tax preferred sector in relation to the tax preferred use of the asset;

    is * effectively non - cancellable (see section   250 - 130); and

  (b)   the * arrangement period for the tax preferred use of the asset is:

  (i)   greater than 30 years; or

  (ii)   if the arrangement period is less than or equal to 30 years--75% or more of that part of the asset's * effective life that remains when the tax preferred use of the asset starts.

  (2)   Disregard section   40 - 102 in working out the asset's * effective life for the purposes of subparagraph   (1)(b)(ii).