Section 121DD — Income Tax Assessment Act 1936: Meaning of OB leasing activity

(1) An OB leasing activity is leasing activity with an offshore person involving offshore property. (2) Without limiting subsection (1), OB leasing activity includes entering into: (a) any arrangement (within the meaning of section 51AD) under which a right to use offshore property is granted by the owner to another person; or (b) any arrangement (within the meaning of that section) under which a right to use offshore property, being a right derived directly or indirectly from a right mentioned in paragraph (a) in relation to the property, is granted by a person to another person; with an offshore person.