Taxation Laws Amendment Act (No. 2) 1996 (76 of 1996)

Schedule 1   Amendment of the Income Tax Assessment Act 1936: various measures

Part 1   Offshore banking units

24   Subsection 128GB(1)

Repeal the subsection, substitute:

(1) This section applies to:

(a) interest paid by a person in respect of an offshore borrowing of the person; or

(b) interest consisting of gold paid by a person in respect of an offshore gold borrowing of the person;

if, when the borrowing took place, the person was an offshore banking unit (whether or not the person is still an offshore banking unit when the interest is paid).