INCOME TAX ASSESSMENT ACT 1997 - SECT 242.30 What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997 - SECT 242.30
What this Subdivision is aboutThe lessor's assessable income includes the interest on the notional loan.
The lease payments to the lessor are non - assessable non - exempt income.
Note: If the consideration for a notional sale of a car exceeds the adjustable value of the car to the lessor, the excess will be included in the lessor's assessable income under section 40 - 285.
There would be a similar result if the lessor is treated as having reacquired the car and then sells the car for more than the cost of reacquisition.
242 - 35 Amount to be included in lessor's assessable income
242 - 40 Treatment of lease payments