Section CC 11 — Income Tax Act 2007: Lessee acquiring lease asset on expiry of term of lease

CC 11 Lessee acquiring lease asset on expiry of term of lease When this section applies (1) This section applies for the purposes of section FA 9 (Treatment when lease ends: lessee acquiring asset), when, after the term of a finance lease, a lessee acquires the personal property lease asset and then disposes of it. Income of lessee (2) If the lessee disposes of the lease asset for an amount that is more than the consideration paid for it, the difference is income of the lessee in the income year in which they dispose of the asset. Defined in this Act: consideration , finance lease , income , lessee , pay , personal property lease asset , tax year Compare: 2004 No 35 s FC 8E