A New Tax System (Pay As You Go) Act 1999 (178 of 1999)

Schedule 1   Pay as you go (PAYG) system of collecting income tax and other liabilities

Part 2   Consequential amendment of Acts

Income Tax Assessment Act 1936

41   After subsection 221YL(2D)

Insert:

(2DA) However, subsection (2E) does not apply in relation to the interest if the transaction in relation to which it is payable is entered into on or after 1 July 2000, unless the lender complied with paragraph (2E)(a) in relation to the interest before the transaction is entered into.

Note: Instead, the lender must notify the borrower under section 12-260 in Schedule 1 to the Taxation Administration Act 1953.