Document ID: chunk:federal_register_of_legislation:C2025C00014:section:51ad:p5
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 51AD (pt 5/10)
Character Range: 341924–344535

debt) would be available for the purpose of the discharge of the whole of the non‑recourse debt (including the payment of interest) in the event of any action or actions by the creditor or creditors against the taxpayer arising out of that debt.
 (9) Where:
 (a) property has been financed by a debt or debts as mentioned in subsection (8); and
 (b) the rights of the creditor or creditors as against the taxpayer are, or are capable of being, limited as mentioned in that subsection;
the Commissioner may treat those rights as not being, or capable of being, so limited if the Commissioner is of the opinion, having regard to the circumstances in which the debt was, or debts were, incurred and any other matters that the Commissioner thinks relevant, that it would be reasonable to do so.
 (10) Subject to subsections (11), (12), (13) and (15), where this section has applied to property, in relation to a taxpayer, at any time, the taxpayer shall be deemed not to have occupied or used the property, or held the property for use, at that time, for the purpose of producing assessable income or in carrying on a business for that purpose.
 (11) Where this section has applied to property, in relation to a taxpayer, at any time during a year of income by reason of subparagraph (4)(a)(ii) or sub‑subparagraph (4)(b)(ii)(B), and for any part of that time the end‑user held, occupied or used the property referred to in that subparagraph, or held it for use, or used any goods or services referred to in that sub‑subparagraph, as the case may be, partly for the purpose of producing assessable income, the taxpayer shall be deemed, for the whole of the time during the year of income when this section applied to the property, to have held, occupied or used the property, or held it for use, for the purpose of producing assessable income, or in carrying on a business for that purpose, to the extent that the Commissioner considers appropriate.
 (12) Where this section has applied to property, in relation to a taxpayer, at any time during a year of income by reason of sub‑subparagraph (4)(b)(ii)(C), and for any part of that time the end‑user derived assessable income in relation to the production, supply, carriage, transmission or delivery of goods, or the provision of services, as mentioned in subparagraph (4)(b)(i), the taxpayer shall be deemed, for the whole of the time during the year of income when this section applied to the property, to have held, occupied or used the property, or held it for use, for the purpose of producing assessable income, or in carrying on a business for that purpose,