Taxation Laws Amendment Act (No. 2) 1994 (82 of 1994)

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 3   Amendments to exclude accruals assessability of certain securities

23   Interpretation

Section 159GP of the Principal Act is amended:

(a) by inserting after paragraph (b) of the definition of "qualifying security" in subsection (1) the following paragraph:
          

"(ba) that is not part of an exempt series (see subsection (9A));";

(b) by inserting after subsection (9) the following subsections:
          

"(9A) For the purposes of paragraph (ba) of the definition of 'qualifying security' in subsection (1), if:

(a) after 16 December 1984, a person issues a security (the 'first in the series') that is not a qualifying security; and

(b) during the period from the end of 16 December 1984 until the issuing of the first in the series, the person did not issue any qualifying security with exactly the same payment dates, payment amounts and other terms as the first in the series; and

(c) after issuing the first in the series, the person issues another security (the 'later security') with exactly the same payment dates, payment amounts and other terms as the first in the series; the later security is 'part of an exempt series'.

"(9B) In determining for the purposes of paragraph (9A)(b) or (c) whether a security has exactly the same other terms as another security, the fact that the first-mentioned security has a different issue price than the second-mentioned security is to be disregarded.".