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INCOME TAX ASSESSMENT ACT 1936 - SECT 121DD Meaning of

INCOME TAX ASSESSMENT ACT 1936 - SECT 121DD

Meaning of

  (1)   An OB leasing activity is leasing activity with an offshore person involving offshore property.

  (2)   Without limiting subsection   (1), OB leasing activity includes entering into:

  (a)   any arrangement (within the meaning of section   51AD) under which a right to use offshore property is granted by the owner to another person; or

  (b)   any arrangement (within the meaning of that section) under which a right to use offshore property, being a right derived directly or indirectly from a right mentioned in paragraph   (a) in relation to the property, is granted by a person to another person;

with an offshore person.

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