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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS    View history reference

Division 240 - Arrangements treated as a sale and loan    View history reference

Subdivision 240-B - The notional sale and notional loan    View history reference

Operative provisions

SECTION 240-20  Notional sale of property by notional seller and notional acquisition of property by notional buyer  

 View history reference

240-20(1)  

The *notional seller is taken to have disposed of the property by way of sale to the *notional buyer, and the notional buyer is taken to have acquired it, at the start of the *arrangement.

240-20(2)  

The *notional buyer is taken to own the property until:


(a) the *arrangement ends; or


(b) the notional buyer becomes the *notional seller under a later arrangement to which this Division applies.
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