Taxation Laws Amendment Act 1994 (56 of 1994)

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 2   Tax-exempt infrastructure borrowings

15   General

Section 159GZZZU of the Principal Act is amended by omitting the definition of "Crown lease" and substituting the following definition:

"'Crown lease' means a lease of land granted by:

(a) the Commonwealth, a State or a Territory; or

(b) an authority of the Commonwealth, a State, or a Territory, if, assuming that the authority derived income at the time when the lease is granted, that income would be exempt from tax because of a relevant exempting provision (within the meaning of section 160K);".