Income Tax Act 2007 section 681CF

Lease

Section 681CF defines what constitutes a "lease" for the purposes of this chapter of the Act.

• A lease is any agreement or arrangement where payments are made for the use of, or otherwise in respect of, an asset
• The definition is deliberately broad and covers a wide range of payment arrangements connected with an asset
• Hire purchase and similar instalment arrangements are specifically included within the definition of a lease
• This definition applies throughout the chapter and underpins the tax treatment of all leasing arrangements covered by it