Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005)

Schedule 9   Non-commercial loans

Part 1   Amendment commencing on 29 June 2004

Income Tax Assessment Act 1936

1   After subsection 109XC(2)

Insert:

Modified operation of section 109D

(2A) A loan referred to in this Subdivision that is made during a year of income of a trust estate is taken to have been fully repaid at the end of the year for the purposes of paragraph 109D(1)(b) if it is fully repaid before the earlier of the due date for lodgment and the date of lodgment of the trustee's return of income for the trust for that year of income of the trust.