A New Tax System (Pay As You Go) Act 1999 (178 of 1999)

Schedule 2   Running balance accounts, general interest charge and related matters

Part 3   Fringe benefits tax

Fringe Benefits Tax Assessment Act 1986

98   Paragraph 19(1)(b)

Omit all the words from and including "both", substitute "a once-only deduction (in this subsection called the gross deduction ), other than a foreign income deduction, would, or would if not for section 82A, and Subdivisions F, GA and G of Division 3 of Part III, of the Income Tax Assessment Act 1936, and Divisions 28 and 900 of the Income Tax Assessment Act 1997, have been allowable to the recipient under either of those Acts in respect of the gross interest".