DEVELOPMENT ALLOWANCE AUTHORITY ACT 1992 (REPEALED)
View history note
Hide history noteThe following is a simplified outline of the scheme of this Chapter:
(a) a person may apply to the Development Allowance Authority (the ``DAA'' ) for the issue of a certificate in relation to a proposed borrowing that the person considers to be an infrastructure borrowing;
Note:
As a result of amendments made by the Taxation Laws Amendment (Infrastructure Borrowings) Act 1997 , no new applications can be made.
(b) the DAA will issue the certificate if it is satisfied that the borrowing is an infrastructure borrowing and that certain other criteria are met;
(c) it is a condition of the issue of the certificate that the holder must use the money borrowed in the way proposed in the person's application and must comply with certain other requirements;
(d) if the certificate holder wishes to transfer to another person all of its interests and liabilities in relation to the borrowing or any facilities acquired or constructed with the money borrowed and certain criteria are met, the DAA must agree to transfer the certificate;
(e) the DAA may cancel the certificate if the conditions applying to it are contravened, or if the holder fails to comply with certain other requirements of the Chapter. In such a case, the holder will be liable to pay an amount that recoups some or all of the tax benefits of the certificate.
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