Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 250.15

General test

                   This Division applies to you and an asset at a particular time if:

                     (a)  the asset is being * put to a tax preferred use; and

                     (b)  the * arrangement period for the * tax preferred use of the asset is greater than 12 months; and

                     (c)  * financial benefits in relation to the tax preferred use of the asset have been, will be or can reasonably be expected to be, * provided to you (or a * connected entity) by:

                              (i)  a * tax preferred end user (or a connected entity); or

                             (ii)  any * tax preferred entity (or a connected entity); or

                            (iii)  any entity that is a foreign resident; and

                     (d)  disregarding this Division, you would be entitled to a * capital allowance in relation to:

                              (i)  a decline in the value of the asset; or

                             (ii)  expenditure in relation to the asset; and

                     (e)  you lack a * predominant economic interest in the asset at that time.



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