Income Tax Assessment Act 1936

Div 16L repealed by No 4 of 2018, s 3 and Sch 6 item 8, effective 21 February 2018. No 4 of 2018, s 3 and Sch 6 item 27 contains the following application provision:

27 Application of amendments  
(1)
The amendments made by this Schedule (other than the repeal of Part 5 of Chapter 3 and Part 2 of Chapter 4 of the Development Allowance Authority Act 1992 ) do not apply in relation to a certificate that is in force just before the commencement of this item.

(2)
For the purposes of applying, on or after that commencement, the Acts amended by this Schedule, as those Acts apply because of subitem (1), a reference in those Acts to the Development Allowance Authority is treated as being a reference to the Commissioner of Taxation.

Div 16L formerly read:

Division 16L - Tax-exempt infrastructure borrowings

Note:

The issue of certificates that give rise to the tax concessions in this Division has been terminated for new cases by the Taxation Laws Amendment (Infrastructure Borrowings) Act 1997 .

Div 16L heading amended by No 104 of 1997.

Div 16L inserted by No 98 of 1992.

Former Subdiv B heading omitted by No 163 of 1994.

S 159GZZZZD repealed by No 4 of 2018, s 3 and Sch 6 item 8, effective 21 February 2018. For application provisions, see note under Pt III Div 16L heading. S 159GZZZZD formerly read:

SECTION 159GZZZZD INTERPRETATION  
159GZZZZD
In this Division:

"certificate"
has the same meaning as in Chapter 3 of the DAA Act;

"DAA"
means the Development Allowance Authority appointed under Chapter 4 of the DAA Act;

"DAA Act"
means the Development Allowance Authority Act 1992 ;

"direct infrastructure borrowing"
has the same meaning as in Chapter 3 of the DAA Act;

"exemption period"
, in relation to an infrastructure borrowing, means:

(a) in the case of a direct infrastructure borrowing or an indirect infrastructure borrowing - the period of 15 years beginning at the time of the borrowing; or

(b) in the case of a refinancing infrastructure borrowing - so much of the period that under paragraph (a) is the exemption period in respect of the direct infrastructure borrowing, or the indirect infrastructure borrowing, to which the refinancing infrastructure borrowing relates as remains at the time of the refinancing infrastructure borrowing;

"IB amount"
, in relation to a taxpayer, means:

(a) a payment of interest, or in the nature of interest, made or liable to be made to the taxpayer under an infrastructure borrowing; or

(b) an amount included in the assessable income of the taxpayer under section 159GQ in relation to an infrastructure borrowing;

"indirect infrastructure borrowing"
has the same meaning as in Chapter 3 of the DAA Act;

"infrastructure borrowing"
has the same meaning as in Chapter 3 of the DAA Act;

"infrastructure period"
, in relation to a certificate that is cancelled, means the period from the time of the borrowing to which the certificate applied until the conditions under section 93R of the DAA Act would, if the certificate had not been cancelled, have ceased to apply to the holder;

"refinancing infrastructure borrowing"
has the same meaning as in Chapter 3 of the DAA Act.

"tax benefit amount"
, in relation to a certificate that is cancelled, in relation to a year of income (being the year of income in which the cancellation occurs or any earlier or later year of income), means:

(a) a payment of interest, or in the nature of interest, that, because of paragraph 159GZZZZE(1)(a), is not allowable as a deduction from the assessable income of the year of income of a taxpayer in respect of the borrowing to which the certificate applies; or

(b) an amount that, because of paragraph 159GZZZZE(2)(d), is not allowable as a deduction under section 159GT from the assessable income of the year of income of a taxpayer in respect of the borrowing to which the certificate applies.

S 159GZZZZD inserted by No 163 of 1994.