Document ID: chunk:federal_register_of_legislation:F2023L00353:clause:1_4
Version: federal_register_of_legislation:F2023L00353
Segment Type: clause
Provision Reference: sch 1 cl 4
Character Range: 1858–3107

4  Definitions
           Note: A number of expressions used in this instrument are defined in the Act, including the following:
             (a)        ABN;
             (b)        creditable acquisition;
             (c)        input tax credit.
  In this determination:
Act means the A New Tax System (Goods and Services Tax) Act 1999.
novation means a tripartite arrangement (or deed of novation) where an employer, their employee, and a finance company agree to transfer to the employer all or some of the employee's rights and obligations under an existing lease agreement between the employee and the finance company. It results in the recission of the original lease between the employee and the finance company, and the creation of a new lease between the employer and the finance company on the same terms.
full novation means a transfer of all the rights and obligations in a lease agreement. As a result, the employer takes over all the rights and obligations held by their employee under the original lease.
split full novation means a variation on the full novation where an employee retains a residual payment obligation, and the remainder of their rights and obligations under the lease agreement are transferred to their employer.