Income Tax Act 2007 section 681DO

Relevant asset

Section 681DO defines what counts as a "relevant asset" for the purposes of the Chapter dealing with certain income tax provisions.

• A "relevant asset" means any description of property or rights
• Land is specifically excluded from the definition
• An interest in land is also excluded from the definition
• The term "relevant asset" replaces the older term "asset" used in earlier legislation to avoid confusion, since many people would naturally assume land is an asset