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

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 2   Amendments relating to accruals assessability of certain securities

SubDivision B   Amendments of Division 16E of Part III

9   Interpretation

Section 159GP of the Principal Act is amended:

(a) by omitting from subsection (1) the definitions of "adjusted term", "eligible notional accrual period", "non-varying element", "notional accrual amount", "notional accrual period", "taxpayer's yield to redemption" and "varying element";
          

(b) by inserting in subsection (1) the following definitions:
          

"'accrual amount' has the meaning given by subsection 159GQB(1);

'accrual period' has the meaning given by section 159GQA;

'eligible return' has the meaning given by subsection (3);

'implicit interest rate' has the meaning given by subsection 159GQB(2);

'taxpayer's maximum term', in relation to a security held by a taxpayer, means:

(a) if the security was issued to the taxpayer-the term of the security; or

(b) if the security was transferred to the taxpayer-the part of the term remaining after the transfer;";

(c) by omitting subsections (4) and (5).