Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 240.17

  (1)   An entity is the notional seller if it is a party to the * arrangement and:

  (a)   actually owns the property; or

  (b)   is the owner of the property because of a previous operation of this Division.

  (2)   An entity is the notional buyer if it is a party to the * arrangement and, under the arrangement, has the * right to use the property.

Example:   If the arrangement is a hire purchase agreement, the finance provider will be the notional seller and the hirer will be the notional buyer.