Income Tax Assessment Act 1997

Div 396 repealed by No 41 of 2011, s 3 and Sch 5 item 158, effective 27 June 2011.

Subdiv 396-A repealed by No 41 of 2011, s 3 and Sch 5 item 158, effective 27 June 2011.

S 396-15 repealed by No 41 of 2011, s 3 and Sch 5 item 158, effective 27 June 2011. S 396-15 formerly read:

SECTION 396-15 Tax offset for LTF interest on land transport facilities borrowings  
396-15(1)
An entity that is a lender under a ^* land transport facilities borrowings agreement is entitled to a ^* tax offset for ^* LTF interest covered by the agreement.

Amount of tax offset

396-15(2)
The amount of the tax offset is worked out using the formula:

*Corporate tax rate   ×   LTF interest covered by agreement

However, the amount cannot exceed any amount specified in the ^* land transport facilities borrowings agreement as the maximum ^* tax offset for that lender for the income year for that agreement.

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History

S 396-15(2) amended by No 97 of 2008 , s 3 and Sch 3 item 139, by substituting the formula, effective 3 October 2008. The formula formerly read:

*General company tax rate

×

LTF interest covered by agreement

396-15(3)
In subsection (2):

LTF interest covered by agreement
means the amount of ^* LTF interest that is covered by the ^* land transport facilities borrowings agreement and that is *derived by the entity in the income year.

S 396-15 inserted by No 16 of 1998.