Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:105aa:p1
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 105AA (pt 1/3)
Character Range: 374086–376619

105AA  Base price of goods
 (1) For the purposes of subsection 175AA(6) of the Code, the base price of goods hired under a consumer lease is the lesser of:
 (a) the agreed price of the goods; and
 (b) either:
 (i) for goods that are new on the day (the lease day) the consumer lease is entered into—the amount under subregulation (3); or
 (ii) for goods that are not new on the lease day—the amount under subregulation (4).

Agreed price
 (2) The agreed price of goods hired under a consumer lease is the price of the goods agreed under the consumer lease by the parties to that lease, plus any related goods and services tax (if the amount of such tax is not already included in the price of the goods agreed under the lease).

Goods that are new on the lease day
 (3) The amount under this subregulation for goods hired under a consumer lease is as follows:
 (a) if:
 (i) it is reasonably practicable for the lessor to determine what, on the lease day, was the recommended retail price of the goods (including any goods and services tax); and
 (ii) on the lease day, identical goods were available for sale to the public from one or more suppliers that were independent of the lessor;
  then the amount under this subregulation is the recommended retail price referred to in subparagraph (i) of this paragraph;
 (b) if:
 (i) paragraph (a) does not apply; and
 (ii) the lessor bought the goods from a supplier that was independent of the lessor; and
 (iii) on the day on which the lessor bought the goods, identical goods were available for sale to the public from that supplier; and
 (iv) it is reasonably practicable for the lessor to determine what was the price that the lessor paid for the goods (including any related goods and services tax);
  then the amount under this subregulation is the price referred to in subparagraph (iv) of this paragraph;
 (c) if neither paragraph (a) nor (b) applies, then the amount under this subregulation is the market value of the goods on the lease day.
Note: For market value, see subregulation (7).

Goods that are not new on the lease day
 (4) The amount under this subregulation for goods hired under a consumer lease is as follows:
 (a) if:
 (i) the goods were new when they were acquired by the lessor or by a previous acquirer of the goods; and
 (ii) it is reasonably practicable for the lessor to determine what, on the day on which the goods were last acquired new, was the recommended retail price of the goods (including any related goods and services tax); and
 (iii) on the day