INCOME TAX ASSESSMENT ACT 1997 - SECT 974.160 Financial benefit

INCOME TAX ASSESSMENT ACT 1997 - SECT 974.160

  (1)   In this Act:

"financial benefit" :

  (a)   means anything of economic value; and

  (b)   includes property and services; and

  (c)   includes anything that regulations made for the purposes of subsection   (3) provide is a financial benefit;

even if the transaction that confers the benefit on an entity also imposes an obligation on the entity.

  (2)   In applying subsection   (1), benefits and obligations are to be looked at separately and not set off against each other.

  (3)   The regulations may provide that a thing specified in the regulations is a financial benefit for the purposes of this Act.