INCOME TAX ASSESSMENT ACT 1997 - SECT 240.40 Arrangement payments not to be included in notional seller's assessable income

INCOME TAX ASSESSMENT ACT 1997 - SECT 240.40

  (1)   The * arrangement payments that the * notional seller receives, or is entitled to receive, under the * arrangement:

  (a)   are not to be included in the * notional seller's assessable income of any income year; but

  (b)   are not taken to be * exempt income of the notional seller.

  (2)   However, those * arrangement payments are taken into account in calculating * notional interest that is included in the * notional seller's assessable income under section   240 - 35.

  (3)   A loss or outgoing incurred by the * notional seller in deriving any such * arrangement payments is not taken to be a loss or outgoing incurred by the notional seller in relation to gaining or producing * exempt income.