Taxation Laws Amendment Act 1994 (56 of 1994)

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 8   Savings banks

64   Transitional

 

(1) Subject to subsection (2), section 128B of the Principal Act, as in force immediately before its amendment by this Division, continues to apply to income consisting of amounts paid under a contract entered into before 1 July 1994 as if paragraph 23(i) of that Act had not been omitted by this Division.
        

      

(2) Subsection (1) does not apply if the income consists of:
        

(a) interest paid in respect of loan money:
        

(i) that was borrowed by the borrower on or after 1 July 1994; and
        

(ii) that, before 1 July 1994, the borrower was not under a contractual obligation to borrow; or
        

(b) interest paid in respect of a loan resulting from a 'roll-over', on or after 1 July 1994, of the whole or a part of a previous loan; or
        

(c) interest paid in respect of a period of extension of a period for which loan money was lent where the extension occurred on or after 1 July 1994.