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Div 16L repealed by No 4 of 2018, s 3 and Sch 6 item 8, effective 21 February 2018.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S 159GZZZZE repealed by No 4 of 2018, s 3 and Sch 6 item 8, effective 21 February 2018.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 159GZZZZE formerly read:

SECTION 159GZZZZE INFRASTRUCTURE BORROWINGS TO BE NON-ASSESSABLE AND NON-DEDUCTIBLE  
159GZZZZE(1A) Basic non-assessability/non-deductibility provision.  

This section applies to an infrastructure borrowing if a certificate is issued in relation to the borrowing, regardless of whether the certificate is later cancelled.

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History

S 159GZZZZE(1A) inserted by No 163 of 1994.

159GZZZZE(1) [Excluded amounts]  

Subject to section 159GZZZZG, no amount is included in, or allowable as a deduction from, the assessable income of a taxpayer of a year of income in respect of:

(a) payments of principal or interest, or in the nature of interest, made or liable to be made by or to the taxpayer under the infrastructure borrowing during the exemption period in relation to the borrowing; or

(b) amounts received or receivable, or paid or payable, by the taxpayer by way of consideration for the acquisition or disposal, during the exemption period in relation to the infrastructure borrowing, of:

(i) rights or liabilities in respect of the borrowing; or

(ii) any bond, debenture, discounted security, or other document evidencing indebtedness, in respect of the borrowing; or

(c) any profit or loss of the taxpayer in respect of a disposal mentioned in paragraph (b), or in respect of the repayment of the infrastructure borrowing by or to the taxpayer during the exemption period in relation to the borrowing; or

(d) the writing off or extinguishing of the whole or part of any debt that consists of a payment or amount to which this subsection applies that is liable to be made to, or is receivable by, the taxpayer.

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S 159GZZZZE(1) amended by No 163 of 1994.

159GZZZZE(2) Special provision relating to Division 16E.  

Subject to section 159GZZZZG, no amount is included in, or allowable as a deduction from, the assessable income of a taxpayer of a year of income:

(a) under section 159GQ in relation to the exemption period in respect of the infrastructure borrowing; or

(b) (Omitted by No 82 of 1994)

(c) under section 159GS in relation to any transfer, during the exemption period in respect of the infrastructure borrowing, of:

(i) rights or liabilities in respect of the borrowing; or

(ii) any bond, debenture, discounted security, or other document evidencing indebtedness, in respect of the borrowing; or

(d) under section 159GT in respect of the exemption period in relation to the infrastructure borrowing.

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S 159GZZZZE(2) amended by No 163 and No 82 of 1994.

159GZZZZE(3) Deemed re-acquisition after exemption period.  

For the purposes of this Act:

(a) if a taxpayer holds a bond, debenture, discounted security, or other document evidencing indebtedness, in respect of the infrastructure borrowing - that bond, debenture, discounted security or other document; or

(b) in any other case - all rights of a taxpayer under the infrastructure borrowing;

is or are taken to have been disposed of by the taxpayer immediately before the end of the exemption period and to have been re-acquired by the taxpayer immediately after the end of the period for their market value at that time.

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History

S 159GZZZZE(3) amended by No 163 of 1994.

S 159GZZZZE inserted by No 98 of 1992.