Income Tax Act 2007 section 681CG

Relevant asset

Section 681CG defines what counts as a "relevant asset" for the purposes of the income tax provisions in this Chapter dealing with transactions in land.

• A "relevant asset" means any description of property or rights
• Land and interests in land are specifically excluded from the definition
• The term "relevant asset" replaces the older term "asset" used in earlier legislation, to avoid confusion
• This definition applies throughout the Chapter and determines which assets fall within scope of these provisions