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Div 16L repealed by No 4 of 2018, s 3 and Sch 6 item 8, effective 21 February 2018.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.

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S 159GZZZZH repealed by No 4 of 2018, s 3 and Sch 6 item 8, effective 21 February 2018.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

SECTION 159GZZZZH TAX PAYABLE WHERE INFRASTRUCTURE BORROWING CERTIFICATE CANCELLED  
Tax payable

159GZZZZH(1)
If:

(a) the DAA cancels a certificate in relation to an infrastructure borrowing; and

(b) for any year of income (whether the one in which the cancellation takes place or an earlier or later one), there is a tax benefit amount in relation to the certificate;

the holder of the certificate at the time of the cancellation is liable to pay tax on an amount (an infrastructure certificate cancellation amount ) worked out using the formula:

15%   ×   Tax benefit amount   ×   Factor

where

" Factor " means:

(a) if the year of income to which the tax benefit amount relates is:

(i) the year of income in which the act or omission that was the ground, or the first act or omission that was a ground, relied on by the DAA for cancelling the certificate occurred; or

(ii) an earlier year of income;

the fraction worked out using the formula:

Part of infrastructure period occurring after the act or omission	; or
Infrastructure period

(b) in any other case - the number 1.

Assessment of amount

159GZZZZH(2)
The Commission may make an assessment of the tax payable by a taxpayer under this section. In making or amending the assessment, and in dealing with any objection, appeal or review in relation to the assessment or amended assessment, the Commissioner may rely in whole or in part on advice given by the DAA under section 93ZF of the DAA Act.

159GZZZZH(3)
(Repealed by No 81 of 2016)

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History

159GZZZZH(3) repealed by No 81 of 2016, s 3 and Sch 10 item 68, effective 1 January 2017 and applicable to documents (however described) that the Commissioner gives on or after 1 July 2017 under taxation laws. S 159GZZZZH(3) formerly read:

Incorporation in other notices

159GZZZZH(3)
This Act does not prevent notice of the assessment being incorporated in a notice of any other assessment made in respect of the taxpayer under this Act.

References in other provisions

159GZZZZH(4)
Unless the contrary intention appears, in sections 172, 174, 254 and 255 and former sections 204, 215 and 216, but not in any other section of this Act, income tax or tax includes tax payable under this section.

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History

S 159GZZZZH(4) amended by No 79 of 2010, s 3 and Sch 1 items 19 and 20, by omitting " 204, " after " 174, " and inserting " 204, " after " former sections " , effective 1 July 2010.

S 159GZZZZH(4) amended by No 101 of 2006, s 3 and Sch 2 item 390, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive.

S 159GZZZZH(4) amended by No 161 of 2005, No 67 of 2003.

159GZZZZH(5)
Division 5 of the Income Tax Assessment Act 1997 (How to work out when to pay your income tax) applies to tax payable under this section in the same way as that Division applies to income tax.

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History

S 159GZZZZH(5) inserted by No 79 of 2010, s 3 and Sch 1 item 21, effective 1 July 2010.

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History

S 159GZZZZH amended by No 11 of 1999 and inserted by No 163 of 1994.

S 159GZZZZH amended by No 11 of 1999 and inserted by No 163 of 1994.