S 396-80 repealed by No 41 of 2011, s 3 and Sch 5 item 158, effective 27 June 2011. S 396-80 formerly read:
SECTION 396-80 Land transport facilities borrowings agreements
396-80(1)
If the *Transport Minister has made a decision approving a project and a borrower, the Minister must enter into a
land transport facilities borrowings agreement
with the borrower that sets out the lender, or lenders, that will be entitled to a
*
tax offset.
History
S 396-80(1) amended by No 88 of 2009, s 3 and Sch 5 items 160 and 161, by substituting
"
*Transport Minister
"
for
"
Minister for Transport and Regional Development
"
(first occurring) and omitting
"
for Transport and Regional Development
"
after
"
Minister
"
(second occurring), effective 18 September 2009.
396-80(2)
Each lender specified in the agreement must also be a party to the agreement.
396-80(3)
The agreement must specify:
(a)
the project; and
(b)
the borrower; and
(c)
each of the lenders that will be entitled to a
*
tax offset under the agreement; and
(d)
the income years covered by the agreement; and
(e)
the
*
borrowings that are covered by the agreement; and
(f)
any conditions to which the agreement is subject.
396-80(4)
If the *Transport Minister has specified, in the decision under section
396-70
, the maximum amount of
*
tax offsets allowable for any income year for the project, the agreement must specify the maximum amount of tax offset allowable that will be available for each lender for each income year. The total of the amounts specified must not exceed the maximum specified in the decision.
History
S 396-80(4) amended by No 88 of 2009, s 3 and Sch 5 item 162, by substituting
"
*Transport Minister
"
for
"
Minister for Transport and Regional Development
"
, effective 18 September 2009.
396-80(5)
The conditions specified in the agreement must include:
(a)
the conditions set out in section
396-85
; and
(b)
any conditions specified by the *Transport Minister in the decision under section
396-70
;
but may include such other conditions as the Minister considers appropriate.
History
S 398-80(5) amended by No 88 of 2009, s 3 and Sch 5 items 163 and 164, by substituting
"
*Transport Minister
"
for
"
Minister for Transport and Regional Development
"
in para (b) and omitting
"
for Transport and Regional Development
"
after
"
Minister
"
(last occurring), effective 18 September 2009.
S 396-80 inserted by No 16 of 1998.
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