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CC 10: Films
or “Income from rights or interests in films”
You could also call this:

“Paying tax when you sell something you bought after leasing it”

When you’re leasing something, like a car or equipment, and you decide to buy it at the end of the lease, this rule explains what happens if you then sell it.

If you sell the item for more money than you paid to buy it at the end of the lease, you’ll need to pay tax on the extra money you made. This extra money is considered income, and you’ll need to include it when you do your taxes for the year you sold the item.

For example, if you leased a car, bought it for $5,000 when the lease ended, and then sold it for $7,000, you would have $2,000 of income that you need to report on your taxes.

This rule is part of section FA 9, which talks about what happens when a lease ends and the person leasing decides to buy the item.

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Next up: CC 12: Lessor acquiring lease asset on expiry of term of lease

or “Owner's income from reselling or re-leasing an item after a finance lease ends”
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Part C Income
Income from holding property (excluding equity)

CC 11Lessee acquiring lease asset on expiry of term of lease

  1. This section applies for the purposes of section FA 9 (Treatment when lease ends: lessee acquiring asset), when, after the term of a finance lease, a lessee acquires the personal property lease asset and then disposes of it.

  2. If the lessee disposes of the lease asset for an amount that is more than the consideration paid for it, the difference is income of the lessee in the income year in which they dispose of the asset.

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