INCOME TAX ASSESSMENT ACT 1997 - SECT 240.85 What happens if an amount is paid by or on behalf of the notional buyer to acquire the property
INCOME TAX ASSESSMENT ACT 1997 - SECT 240.85
What happens if an amount is paid by or on behalf of the notional buyer to acquire the propertyIf, at or after the end of the * arrangement, an amount is paid to the * notional seller by, or on behalf of, the * notional buyer to acquire the property, the following provisions have effect:
(a) the amount paid is not included in the notional seller's assessable income;
(b) the notional buyer cannot deduct the payment;
(c) the notional buyer is taken to continue to own the property;
(d) the transfer to the notional buyer of legal title to the
property is not taken to be a disposal of the property by the notional seller.