Tax Laws Amendment (2010 Measures No. 5) Act 2011 (61 of 2011)

Schedule 2   Capital protected borrowings

Income Tax Assessment Act 1997

1   Paragraph 247-20(1)(a)

Repeal the paragraph, substitute:

(aa) the borrower has an excess using the method statement in subsection (3) for:

(i) a *capital protected borrowing entered into after 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 2008 (the 2008 Budget time ); or

(ii) an extension of the capital protected borrowing; or

(a) the borrower has an amount that is reasonably attributable to the *capital protection as mentioned in subsection (2) for a capital protected borrowing entered into or extended on or after 1 July 2007 and at or before the 2008 Budget time; or