Income Tax Assessment Act 1997

Div 396 repealed by No 41 of 2011, s 3 and Sch 5 item 158, effective 27 June 2011.

Subdiv 396-B repealed by No 41 of 2011, s 3 and Sch 5 item 158, effective 27 June 2011. The guide to Subdiv 396-B formerly read:

Guide to Subdivision 396-B

This Subdivision sets out the interest for which a tax offset can be obtained.

S 396-30 repealed by No 41 of 2011, s 3 and Sch 5 item 158, effective 27 June 2011. S 396-30 formerly read:

SECTION 396-30 What is LTF interest ?  
396-30(1)
LTF interest , in relation to a borrower, is:

(a) a payment of interest, or in the nature of interest, made or liable to be made by the borrower, for which the borrower is, apart from this Division, entitled to a deduction; or

(b) an amount allowable as a deduction to the borrower under section 159GT of the Income Tax Assessment Act 1936 in relation to a ^* borrowing that is covered by a ^* land transport facilities borrowings agreement; or

(c) an amount allowable as a deduction to the borrower under Division 230 , to the extent that, if that Division did not apply, the amount would be allowable as a deduction to the borrower in the circumstances mentioned in paragraph (b).

Note:

Section 159GT deals with certain securities.

 View history note

 Hide history note

History

S 396-30(1) amended by No 15 of 2009 , s 3 and Sch 1 item 83, by inserting para (c), effective 26 March 2009. For application and transitional provisions see note under Div 230 heading.

396-30(2)
LTF interest , in relation to a lender, is:

(a) a payment of interest, or in the nature of interest, made or liable to be made to the lender, that is included in the lender's assessable income for an income year; or

(b) an amount included in the assessable income of the lender under section 159GQ of the Income Tax Assessment Act 1936 in relation to a ^* borrowing that is covered by a ^* land transport facilities borrowings agreement; or

(c) an amount included in the assessable income of the lender under Division 230 , to the extent that, if that Division did not apply, the amount would be included in the assessable income of the lender in the circumstances mentioned in paragraph (b).

Note:

Section 159GQ deals with certain securities.

 View history note

 Hide history note

History

S 396-30(2) amended by No 15 of 2009 , s 3 and Sch 1 item 84, by inserting para (c), effective 26 March 2009. For application and transitional provisions see note under Div 230 heading.

S 396-30 inserted by No 16 of 1998.