INCOME TAX ASSESSMENT ACT 1997 - SECT 240.17 Who is the notional seller and the notional buyer?
INCOME TAX ASSESSMENT ACT 1997 - SECT 240.17
Who is the notional seller and the notional buyer?(1) An entity is the notional seller if it is a party to the * arrangement and:
(a) actually owns the property; or
(b) is the owner of the property because of a previous operation of this Division.
(2) An entity is the notional buyer if it is a party to the * arrangement and, under the arrangement, has the * right to use the property.
Example: If the arrangement is a hire purchase agreement, the finance
provider will be the notional seller and the hirer will be the notional buyer.