Income Tax Act 2007 section 681C

Overview

Section 681C provides an overview of the chapter dealing with restrictions on income tax relief for certain payments made under leases of trading assets.

• This chapter addresses situations where payments are made under a lease of an asset used in a trade.
• In certain circumstances, the income tax relief that would normally be available for such lease payments may be restricted.
• The term "lease" as used throughout the chapter is specifically defined in section 681CF.
• The restriction applies only where particular conditions are met — not all lease payments are affected.