Income Tax Act 2007 section 681DN

Lease

Section 681DN defines the term "lease" as it is used throughout the chapter on sales of occupation income.

• A lease is any agreement or arrangement under which payments are made for the use of an asset, or otherwise in respect of that asset.
• The definition is deliberately broad, covering not just traditional rental arrangements but any payment linked to the use of an asset.
• Hire purchase and similar instalment arrangements are specifically included, where payments represent all or part of a purchase price.
• This definition applies solely for the purposes of this chapter and may differ from the everyday or commercial meaning of the word "lease".