Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 242.70

  (1)   If:

  (a)   an amount is included in the lessor's assessable income for an income year under subsection   242 - 65(2); or

  (b)   an amount would have been so included if the lessor had been subject to tax on assessable income;

the lessee can deduct a corresponding amount for the same income year.

  (2)   If:

  (a)   the lessor can deduct an amount for an income year under subsection   242 - 65(3); or

  (b)   the lessor could have deducted an amount under that subsection if the lessor had been subject to tax on assessable income;

a corresponding amount is included in the lessee's assessable income for the same income year.

  (3)   The lessee cannot deduct an amount for any income year under subsection   (1), and an amount is not included in the lessee's assessable income of any income year under subsection   (2), except to the extent (if any) that the lessee could deduct the * luxury car lease payments made apart from this Division.