Taxation Laws Amendment Act (No. 3) 1998 (47 of 1998)

Schedule 8   Distributions from private companies

Part 1   Income Tax Assessment Act 1936

7   Application of amendment made by item 2

(1) The amendment made by item 2 applies to:

(a) loans and payments made on or after 4 December 1997 (the introduction day ); and

(b) debts forgiven on or after the introduction day (regardless of when the debts arose).

(2) However, subsection 109D(5) of the Income Tax Assessment Act 1936 extends to loans made before the introduction day.

Note: That subsection applies Division 7A of Part III of that Act to loans made before the introduction day, but varied after that day, as if the loans had been made when they were varied.

(3) However, sections 109U, 109UA and 109UB of the Income Tax Assessment Act 1936 only apply to payments or loans made after 4.00 pm, by legal time in the Australian Capital Territory, on 27 March 1998.