Document ID: chunk:federal_register_of_legislation:C2004C01257:clause:2_1:p5
Version: federal_register_of_legislation:C2004C01257
Segment Type: clause
Provision Reference: sch 2 cl 1 (pt 5/20)
Character Range: 20506–23160

payments

  An arrangement payment is an amount that the *notional buyer is required to pay under the *arrangement but does not include:
 (a) an amount in the nature of a penalty payable for failure to make a payment on time; or
 (b) a *termination amount.

240‑70  Arrangement payment periods

 (1) An *arrangement payment period is a period for which a payment under the *arrangement is allocated or expressed to be payable.

 (2) However, if a period exceeds 6 months, the period is not an *arrangement payment period but each of the following parts of the period is a separate arrangement payment period:
 (a) the part of the period beginning at the start of that period and ending 6 months later;
 (b) each part of the period:
 (i) beginning immediately after a part of the period that is an arrangement payment period under paragraph (a) or under a previous application of this paragraph; and
 (ii) ending 6 months after the start of that later part or at the end of the period, whichever first occurs.

Subdivision 240‑F—The end of the arrangement

Table of sections

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
240‑85 What happens if an amount is paid by or on behalf of the notional buyer to acquire the property
240‑90 What happens if the notional buyer ceases to have the right to use the property

Operative provisions

240‑75  When is the end of the arrangement?

 (1) If the *arrangement is stated to cease to have effect at a particular time, it is taken for the purposes of this Division to end (even if it is extended or renewed) at the earlier of:
 (a) that time; or
 (b) the time at which the arrangement ceases to have effect (whether because the arrangement is terminated or for any other reason).

Note: Section 240‑80 deals with extensions and renewals.

 (2) An *arrangement is taken to have ended if it is extended or renewed.

 (3) If the *arrangement is of indefinite duration, it ends at the time at which the arrangement ceases to have effect even if the *arrangement is renewed.

Note: Section 240‑80 deals with extensions and renewals.

 (4) An *arrangement is taken to have ended if it is reasonable to conclude, having regard to the terms and conditions of the *arrangement, that the arrangement has ceased to have effect.

 (5) An *arrangement is also taken to have ended if the property has been lost or destroyed.

240‑78  Termination amounts

  A termination amount is an amount payable because an *arrangement ends and includes:
 (a) if, at the end of the arrangement, the *notional buyer acquires the