Withdrawal - Income tax: are lease payments allowable as a deduction under subsection 51(1) of the Income Tax Assessment Act 1936 where a previously owned asset is traded-in on the newly leased asset?

The draft Taxation Determination deals with deductibility of lease payments under former subsection 51(1) of the Income Tax Assessment Act 1936 where the previously owned asset is traded-in on the newly leased asset.

The contents of the draft Taxation Determination have been incorporated into draft Taxation Ruling TR 95/D28, which was finalised by Taxation Ruling TR 98/15 on 30 September 1998.