43Substitution of new group company as lessee of property

#### 43 Substitution of new group company as lessee of property (1) Where: (a) a lease (in this section called the old lease) of property by a leasing company to the transferring body is terminated during the reorganisation; and (b) immediately after the termination, a new lease of the property takes effect, being a lease by the leasing company to a body corporate (in this section called the group company) that is, immediately after the termination, a new group company; this section has effect for the purposes of subsection 82AG(3) of the Tax Act. (2) The termination of the old lease shall be disregarded. (3) The new lease shall be deemed to be a continuation of the old lease. (4) In relation to a time at or after the termination, the group company shall be deemed to be, and the transferring body shall be deemed not to be, the same person as the lessee under the old lease. (5) A contract or arrangement entered into by the transferring body with the group company shall be disregarded in so far as it related to the termination of the old lease or the entering into of the new lease.