A New Tax System (Pay As You Go) Act 1999 (178 of 1999)
Schedule 1 Pay as you go (PAYG) system of collecting income tax and other liabilities
Part 2 Consequential amendment of Acts
Income Tax Assessment Act 1936
41 After subsection 221YL(2D)
Insert:
(2DA) However, subsection (2E) does not apply in relation to the interest if the transaction in relation to which it is payable is entered into on or after 1 July 2000, unless the lender complied with paragraph (2E)(a) in relation to the interest before the transaction is entered into.
Note: Instead, the lender must notify the borrower under section 12-260 in Schedule 1 to the Taxation Administration Act 1953.
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