Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 250.30

Certain short term or low value arrangements generally excluded

  (1)   This Division does not apply to you and an asset that is being * put to a tax preferred use under a particular * arrangement if:

  (a)   the * arrangement period for the * tax preferred use of the asset does not exceed:

  (i)   5 years if the asset is real property and the tax preferred use of the asset is a lease; or

  (ii)   3 years in any other case; or

  (b)   at the start of the arrangement period, the total of the nominal values of all the * financial benefits that have been, will be or can reasonably be expected to be, provided to you (or a * connected entity):

  (i)   by * members of the tax preferred sector; and

  (ii)   in relation to the tax preferred use of the asset or any other asset that is being, or is to be, put to a tax preferred use under the arrangement;

    does not exceed:

  (iii)   $50 million if the asset is real property and the tax preferred use of the asset is a lease; or

  (iv)   $30 million in any other case; or

  (c)   at the start of the arrangement period, the total of the values of all the assets that are put to a tax preferred use under the arrangement does not exceed:

  (i)   $40 million if the asset is real property and the tax preferred use of the asset is a lease; or

  (ii)   $20 million in any other case.

This subsection has effect subject to section   250 - 35.

  (2)   The amounts referred to in paragraphs   (1)(b) and (c) are indexed annually.

Note:   Subdivision   960 - M shows you how to index amounts.