Document ID: chunk:federal_register_of_legislation:C2025C00014:section:26ab:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 26AB (pt 2/2)
Character Range: 187956–189274

attributed to the intended use of the property for purposes other than gaining or producing assessable income.
 (4) Where, in a case referred to in subsection (2) or (3), the taxpayer satisfies the Commissioner that, at the date on which the agreement to grant or assign the lease was made, or the assent to the grant or assignment of the lease was given, as the case may be, the taxpayer believed on reasonable grounds that the grantee or assignee intended a particular use of the property by the grantee or assignee or some other person for the purpose of gaining or producing assessable income, the Commissioner may apply this section on the basis that that intention existed.
 (5) This section does not apply in relation to:
 (b) a premium received in connexion with the assignment of a lease of land granted under a law of a State or Territory relating to mining;
 (c) a premium received in connexion with the grant or assignment of a lease that was, for the purposes of former section 88B, a grant or assignment for mining purposes; or
 (d) a premium received in connexion with the assignment from the Commonwealth or a State of a lease:
 (i) granted in perpetuity or for a term not less than 99 years; or
 (ii) with a right of purchase; or
 (iii) effecting improvements to be used for residential purposes only.