Private ruling: Application of section 40-40 of the Income Tax Assessment Act 1997
Date of advice: 26 September 2019
Published: November 2019

Ruling: Q1: Will the Lessee 'hold' (within the meaning given by section 40-40 of the Income Tax Assessment Act 1997 )the depreciating assets leased from the Lessor under Lease 1, Lease 2 and Lease 3? | A1: Yes

Relevant facts and circumstances: The taxpayer (the Lessee) applied for a private ruling on the tax consequences, pursuant to section 40-40 of the Income Tax Assessment Act 1997 , arising from an arrangement involving the divestment of a commercial operation.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 40-40