4Effect of Schedule 1

#### 4 Effect of Schedule 1 (1) Schedule 1 has effect for the purposes of those parts of the Assessment Act that refer to exemption Items. The Schedule does not by itself have the effect of exempting an assessable dealing from sales tax. (2) In broad terms, Schedule 1 has the following effects (through the Assessment Act): (a) if all the requirements of an exemption Item are satisfied at or before the time of an assessable dealing, the dealing is not taxable; \[For details, see section 24 of the Assessment Act.\] (b) a non‑lease AOU is not taxable if, at the time of AOU, the applier has the intention of satisfying the requirements of an exemption Item; \[For details, see section 25 of the Assessment Act.\] (c) a lease AOU is not taxable if the lease is an eligible long‑term lease (the intention of the lessee or a sub‑lessee to satisfy the requirements of an exemption Item is relevant to deciding whether the lease is an eligible long‑term lease); \[For details, see section 26 of the Assessment Act.\] (ca) a lease AOU may not be taxable if the lease is an eligible short‑term lease because of an agreement with the Commissioner (the intention of lessees or sub‑lessees to satisfy the requirements of exemption Items is relevant to deciding whether the agreement can be entered into); \[For details, see sections 15A and 26 of the Assessment Act.\] (d) an intention to satisfy the requirements of an exemption Item can be a ground for quoting; \[For details, see sections 82 and 83 of the Assessment Act.\] (e) credit entitlements are sometimes available for eligible long‑term leases (the intention of the lessee to satisfy the requirements of an exemption Item is relevant to deciding whether the lease is an eligible long‑term lease); \[For details, see credit ground CR18 in Table 3 in Schedule 1 to the Assessment Act.\] (f) credit entitlements are sometimes available for leases that are eligible short‑term leases because of an agreement with the Commissioner (the intention of lessees or sub‑lessees to satisfy the requirements of exemption Items is relevant to deciding whether the agreement can be entered into). \[For details, see credit ground CR18A in Table 3 in Schedule 1 to the Assessment Act.\]