Section EC 27 — Income Tax Act 2007: Some definitions

EC 27 Some definitions In this subpart,— long-term bailment is a bailment or lease under which, at the time a person delivers livestock, the person does not expect to have the same livestock delivered back to them short-term bailment is a bailment or lease under which,— (a) at the time a person delivers livestock, the person expects to have the same livestock delivered back to them; and (b) the bailee or lessee did not provide consideration to the person for the delivery of the livestock; and (c) the term of the bailment or lease ends on or before the end of the income year following the income year in which the arrangement is made. Defined in this Act: arrangement , income year , lease , long-term bailment , short-term bailment , Compare: 2004 No 35 s EC 27