Document ID: chunk:federal_register_of_legislation:C2011C00519:clause:1_1:p2
Version: federal_register_of_legislation:C2011C00519
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 2/20)
Character Range: 11546–14298

period if tax preferred use continues
250‑75 What constitutes a separate asset for the purposes of this Division
250‑80 Treatment of particular arrangements in the same way as leases

Financial benefits in relation to tax preferred use

250‑85 Financial benefits in relation to tax preferred use of an asset
250‑90 Financial benefit provided directly or indirectly
250‑95 Expected financial benefits in relation to an asset put to tax preferred use
250‑100 Present value of financial benefit that has already been provided

Discount rate to be used in working out present values

250‑105 Discount rate to be used in working out present values

Predominant economic interest

250‑110 Predominant economic interest
250‑115 Limited recourse debt test
250‑120 Right to acquire asset test
250‑125 Effectively non‑cancellable, long term arrangement test
250‑130 Meaning of effectively non‑cancellable arrangement
250‑135 Level of expected financial benefits test
250‑140 When to retest predominant economic interest under section 250‑135

Overall test

250‑10  When this Division applies to you and an asset

  This Division applies to you and an asset at a particular time if:
 (a) the general test in section 250‑15 is satisfied in relation to you and the asset; and
 (b) none of the exclusions in sections 250‑20, 250‑25, 250‑30, 250‑40 and 250‑45 apply.

250‑15  General test

  This Division applies to you and an asset at a particular time if:
 (a) the asset is being *put to a tax preferred use; and
 (b) the *arrangement period for the *tax preferred use of the asset is greater than 12 months; and
 (c) *financial benefits in relation to the tax preferred use of the asset have been, will be or can reasonably be expected to be, *provided to you (or a *connected entity) by:
 (i) a *tax preferred end user (or a connected entity); or
 (ii) any *tax preferred entity (or a connected entity); or
 (iii) any entity that is not an Australian resident; and
 (d) disregarding this Division, you would be entitled to a *capital allowance in relation to:
 (i) a decline in the value of the asset; or
 (ii) expenditure in relation to the asset; and
 (e) you lack a *predominant economic interest in the asset at that time.

250‑20  First exclusion—small business entities

  This Division does not apply to you and an asset if:
 (a) you are a *small business entity for the income year in which the *arrangement period for the *tax preferred use of the asset starts; and
 (b) you choose to deduct amounts under Subdivision 328‑D for the asset for that income year.

250‑25  Second exclusion—financial benefits under minimum value limit

 (1) This Division does not apply to you and an asset that is being *put to a tax preferred use under a particular