Income Tax Act 2007 section 614DD

Assets which represent the leased asset

Section 614DD defines which assets are treated as representing a leased asset for the purposes of the plant and machinery leasing provisions in Part 11A.

• Any asset derived from or created out of the leased asset is treated as representing it
• Any asset from which the leased asset was itself derived or created is also treated as representing it
• Any asset derived from or created out of the predecessor asset described above is included
• Any asset that derives all or a substantial part of its value from the leased asset, or from any other asset that represents the leased asset, is also caught