S 396-70 repealed by No 41 of 2011, s 3 and Sch 5 item 158, effective 27 June 2011. S 396-70 formerly read:
SECTION 396-70 Transport Minister to consider applications
396-70(1)
The *Transport Minister is to consider applications and to decide:
(a)
whether to approve the borrower and the project; and
(b)
if so, whether to set a maximum amount of
*
tax offsets for the project for each income year covered by the approval.
History
S 396-70(1) amended by No 88 of 2009, s 3 and Sch 5 item 154, by substituting
"
*Transport Minister
"
for
"
Minister for Transport and Regional Development
"
, effective 18 September 2009.
396-70(2)
A decision to approve a borrower and a project must be in writing and must specify:
(a)
the borrower; and
(b)
the project; and
(c)
the income years covered by the approval; and
(d)
if a maximum amount of
*
tax offsets for the project for each income year covered by the approval is set
-
the maximum amount for each income year.
The amount may be different for different years.
396-70(3)
The decision may include conditions to which the approval is subject.
396-70(4)
The approval must not cover an income year that starts more than 5 years after the first
*
borrowing is made in respect of the project.
396-70(5)
In making a decision under paragraphs (1)(a) and (1)(b), the *Transport Minister must attempt to ensure that the maximum net cost referred to in section
396-20
for any income year will not be exceeded.
History
S 396-70(5) amended by No 88 of 2009, s 3 and Sch 5 item 154, by substituting
"
*Transport Minister
"
for
"
Minister for Transport and Regional Development
"
, effective 18 September 2009.
396-70(6)
For the purposes of subsection (5), where no maximum amount is specified in relation to a project, the *Transport Minister is to take account of the expected amount of tax offsets for that project.
History
S 396-70(6) amended by No 88 of 2009, s 3 and Sch 5 item 154, by substituting
"
*Transport Minister
"
for
"
Minister for Transport and Regional Development
"
, effective 18 September 2009.
396-70(7)
The *Transport Minister does not need to make the decision within any particular time. For example, the Minister may decide to make decisions under subsection (1) on only 2 days in a year.
History
S 396-70(7) amended by No 88 of 2009, s 3 and Sch 5 items 155 and 156, by substituting
"
*Transport Minister
"
for
"
Minister for Transport and Regional Development
"
(first occurring) and omitting
"
for Transport and Regional Development
"
after
"
Minister
"
(second occurring), effective 18 September 2009.
S 396-70 inserted by No 16 of 1998.
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