Income Tax Act 2007 section 681A

Overview

Section 681A provides an overview of the chapter dealing with restrictions on income tax relief where land is transferred and the transferor, or an associate of the transferor, becomes liable to make a payment connected with that land.

• This chapter applies where a transfer of land takes place and a related payment obligation arises
• The payment must be connected with the land that has been transferred
• The person liable for the payment must be either the original transferor or someone associated with them
• Where these conditions are met, any income tax relief that would otherwise be available for that payment is restricted