S.L. 123.88 Art. 4Qualifying finance leases. S.L. 123.01

A contract of lease shall qualify as a finance lease under these rules where -

(a) the lessor is a finance leasing company; and

(b) the period of the lease is for four years or more and is not shorter than the period of the asset’s depreciation as established in the Schedule to the Deduction (Wear and Tear of Plant and Machinery) Rules; and

(c) notification of the lease contract is made to the Commissioner by the finance leasing company, or, if the finance leasing company falls under paragraph (b) of the definition of "finance leasing company" in rule 2, by the lessee, within three months of the signing of the lease contract, on the prescribed form in the Schedule together with an authenticated copy of the relative lease contract.