Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

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History

Part 3-10 inserted by No 55 of 2007 , s 3 and Sch 7 item 2, applicable to arrangements, or extensions or arrangements, entered into at or after 9.30am by legal time in the Australian Capital Territory on 16 April 2003.

Division 247 - Capital protected borrowings  

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Div 247 heading substituted by No 61 of 2011, s 3 and Sch 2 item 9, effective 29 June 2011. The heading formerly read:

Division 247 - Interim apportionment methodology for capital protected borrowings

Div 247 inserted by No 55 of 2007 , s 3 and Sch 7 item 2, applicable to arrangements, or extensions of arrangements, entered into at or after 9.30 am by legal time in the Australian Capital Territory on 16 April 2003.

Subdivision 247-A - Interim apportionment methodology  

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Subdiv 247-A heading inserted by No 61 of 2011, s 3 and Sch 2 item 9, effective 29 June 2011.

SECTION 247-5  

247-5   Interim apportionment methodology  

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The methodology set out in this Subdivision must be used to work out how much of an amount that a borrower incurs under or in respect of a capital protected borrowing is reasonably attributable to the capital protection provided under the capital protected borrowing if the capital protected borrowing is entered into or extended at or after 9.30 am, by legal time in the Australian Capital Territory, on 16 April 2003 and before 1 July 2007.

Note:

To work out how much of such an amount is reasonably attributable to the capital protection provided under a capital protected borrowing entered into on or after 1 July 2007, see Division 247 of the Income Tax Assessment Act 1997 .

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History

S 247-5 amended by No 61 of 2011, s 3 and Sch 2 items 10 and 11, by substituting " Subdivison " for " Division " and " capital protected borrowing is entered into or extended " for " capital protected borrowing, or an extension of it, is entered into " , effective 29 June 2011.

S 247-5 inserted by No 55 of 2007 , s 3 and Sch 7 item 2, applicable to arrangements, or extensions of arrangements, entered into at or after 9.30 am by legal time in the Australian Capital Territory on 16 April 2003.

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