S 67AAA repealed by No 15 of 2007, s 3 and Sch 1 item 71, applicable to the 2007-2008 income year and later years. S 67AAA formerly read:
SECTION 67AAA DEDUCTIONS NOT ALLOWABLE FOR INTEREST ETC. ON LOANS OBTAINED TO FINANCE CERTAIN SUPERANNUATION CONTRIBUTIONS AND LIFE ASSURANCE PREMIUMS
67AAA(1)
Superannuation contributions
-
interest etc. not deductible unless contributions deductible under section
82AAC
.
A deduction is not allowable under this Act to a taxpayer in respect of a financing cost in relation to:
(a)
contributions made to a fund for the purpose of making provision for superannuation benefits for, or for dependants of, the taxpayer or another person;
unless:
(b)
a deduction is allowable to the taxpayer under section
82AAC
for those contributions (assuming subsections 82AAC(2) to (3) (inclusive) had not been enacted).
History
S 67AAA(1)(b) amended by No 89 of 2001 and No 181 of 1994.
67AAA(2)
Life assurance premiums
-
interest etc. not deductible unless premium consists wholly of risk component and policy pay-out is assessable.
A deduction is not allowable under this Act to a taxpayer in respect of a financing cost in relation to a premium for a life assurance policy unless:
(a)
the whole of the premium received by the insurer consists of the risk component of the premium; and
(b)
each amount which the insurer is liable to pay under the policy would be included in the taxpayer
'
s assessable income if it were paid.
History
S 67AAA(2) amended by No 101 of 2004.
67AAA(3)
Definitions.
In this section:
dependant
has the same meaning as in the
Occupational Superannuation Standards Act 1987
.
financing cost
, in relation to an amount (
"
financed amount
"
), means expenditure incurred by a taxpayer to the extent to which it is incurred in respect of obtaining finance for the financed amount and, without limiting the generality of the foregoing, includes:
(a)
interest or a payment in the nature of interest; and
(b)
expenses of borrowing.
"life assurance policy"
(Repealed by No 101 of 2004)
risk component
of a premium for a life assurance policy means the amount of the premium worked out on the basis specified in the regulations.
History
Definition of
"
risk component
"
inserted by No 101 of 2004.
S 67AAA inserted by No 224 of 1992.
History
Archived:
S 67AA to 70A repealed as inoperative by
No 101 of 2006
, s 3 and Sch 1 item 77, effective 14 September 2006. For
application and savings provisions
and for former wording see the
CCH Australian Income Tax Legislation archive
. A remade version of subsection 69(7), which is repealed by the above item, is included in the
Income Tax Assessment Act 1997
as s
25-5(8)
.
View history note
Hide history note