Taxation Laws Amendment Act (No. 2) 1999 (93 of 1999)

Schedule 1   Australia as a regional financial centre

Part 1   OBUs, withholding tax and thin capitalisation

Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988

39   Application

(1) Subject to this item, the amendments made by this Schedule apply in relation to transactions entered into after 2 July 1998.

(2) The amendment made by item 20 applies to foreign tax paid after 2 July 1998.

(3) Subsection 121ELA(2) and section 121ELB of theIncome Tax Assessment Act 1936 apply to disposals after 2 July 1998.

(4) The amendments made by items 24 and 25 apply to declarations made by the Treasurer after 2 July 1998.

(5) The amendments made by items 27 to 32 apply to debentures issued after 2 July 1998.

(6) The amendment made by item 33 applies to interest paid by an OBU after 2 July 1998.

(7) The amendment made by item 33 applies in relation to amounts lent to the Australian branch after 2 July 1998.

(8) The amendment made by item 35 applies to the year of income before the year of income in which 2 July 1998 occurs and to all later years of income.

(9) The amendment made by item 38 applies to penalties imposed after 2 July 1998.