Document ID: chunk:federal_register_of_legislation:C2004C01257:front:0:p1
Version: federal_register_of_legislation:C2004C01257
Segment Type: other
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Character Range: 0–3634

Taxation Laws Amendment Act (No. 1) 2001

Act No. 72 of 2001 as amended

This compilation was prepared on 6 August 2002

[This Act was amended by Act No. 77 of 2001
and Act No. 57 of 2002]

Amendments from Act No. 77 of 2001
[Schedule 3 amended sections 240‑3(4), 240‑7(2), 240‑90(4),
240‑90(5) and 243‑35(3)
Schedule 3 commenced on 30 June 2001]
For transitional provision see Table A.

Amendments from Act No. 57 of 2002
[Schedule 12 (item 51) amended Item 9 of Schedule 2
Schedule 12 (item 52) amended Heading to Item 36 of Schedule 2
Schedule 12 (items 51 and 52) commenced on 30 June 2001]

Prepared by the Office of Legislative Drafting,
Attorney‑General's Department, Canberra

Contents
1 Short title...................................
2 Commencement...............................
3 Schedule(s)..................................

Schedule 2—Arrangements treated as a sale and loan and limited recourse debt

Part 1—Insertion of Divisions 240 and 243
Income Tax Assessment Act 1997

Part 3‑10—Financial transactions
Division 240—Arrangements treated as a sale and loan
Guide to Division 240
240‑1.....................What this Division is about
240‑3......How the recharacterisation affects the notional seller
240‑7......How the recharacterisation affects the notional buyer
Subdivision 240‑A—Application and scope of Division
Operative provisions
240‑10....................Application of this Division
240‑15..........................Scope of Division
Subdivision 240‑B—The notional sale and notional loan
Operative provisions
240‑17.......Who is the notional seller and the notional buyer?
240‑20Notional sale of property by notional seller and notional acquisition of property by notional buyer
240‑25.......Notional loan by notional seller to notional buyer
Subdivision 240‑C—Amounts to be included in notional seller's assessable income
Guide to Subdivision 240‑C
240‑30..................What this Subdivision is about
Operative provisions
240‑35 Amounts to be included in notional seller's assessable income
240‑40Arrangement payments not to be included in notional seller's assessable income
Subdivision 240‑D—Deductions allowable to notional buyer
Guide to Subdivision 240‑D
240‑45..................What this Subdivision is about
Operative provisions
240‑50..Extent to which deductions are allowable to notional buyer
240‑55....Arrangement payments not to be allowable deductions
Subdivision 240‑E—Notional interest and arrangement payments
Operative provisions
240‑60...........................Notional interest
240‑65.......................Arrangement payments
240‑70...................Arrangement payment periods
Subdivision 240‑F—The end of the arrangement
Operative provisions
240‑75...............When is the end of the arrangement?
240‑78........................Termination amounts
240‑80...What happens if the arrangement is extended or renewed
240‑85What happens if an amount is paid by or on behalf of the notional buyer to acquire the property
240‑90What happens if the notional buyer ceases to have the right to use the property
Subdivision 240‑G—Adjustments if total amount assessed to notional seller differs from amount of finance charge
Guide to Subdivision 240‑G
240‑100..................What this Subdivision is about
Operative provisions
240‑105.................Adjustments for notional seller
240‑110.................Adjustments for notional buyer
Subdivision H—Application of Division 16E to certain arrangements
240‑112.........Division 16E applies to certain arrangements
Subdivision 240‑I—Provisions applying to hire purchase agreements
Operative provisions
240‑115Another person, or