Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (INFRASTRUCTURE BORROWINGS) ACT 1994 No. 163 of 1994 - SECT 23

23. Before section 159GZZZZE of the Principal Act the following section is
inserted in Division 16L of Part III: Interpretation

"159GZZZZD. In this Division:
'certificate' has the same meaning as in Chapter 3 of the DAA Act;
'DAA' means the Development Allowance Authority appointed under Chapter 4 of
the DAA Act;
'DAA Act' means the Development Allowance Authority Act 1992;
'direct infrastructure borrowing' has the same meaning as in Chapter 3 of the
DAA Act;
'exemption period', in relation to an infrastructure borrowing, means:

   (a)  in the case of a direct infrastructure borrowing or an indirect
        infrastructure borrowing-the period of 15 years beginning at the time
        of the borrowing; or

   (b)  in the case of a refinancing infrastructure borrowing-so much of the
        period that under paragraph (a) is the exemption period in respect of
        the direct infrastructure borrowing, or the indirect infrastructure
        borrowing, to which the refinancing infrastructure borrowing relates
        as remains at the time of the refinancing infrastructure borrowing;
'IB amount', in relation to a taxpayer, means:

   (a)  a payment of interest, or in the nature of interest, made or liable to
        be made to the taxpayer under an infrastructure borrowing; or

   (b)  an amount included in the assessable income of the taxpayer under
        section 159GQ in relation to an infrastructure borrowing;
'indirect infrastructure borrowing' has the same meaning as in Chapter 3 of
the DAA Act;
'infrastructure borrowing' has the same meaning as in Chapter 3 of the DAA
Act;
'infrastructure period', in relation to a certificate that is cancelled, means
the period from the time of the borrowing to which the certificate applied
until the conditions under section 93R of the DAA Act would, if the
certificate had not been cancelled, have ceased to apply to the holder;
'refinancing infrastructure borrowing' has the same meaning as in Chapter 3 of
the DAA Act;
'tax benefit amount', in relation to a certificate that is cancelled, in
relation to a year of income (being the year of income in which the
cancellation occurs or any earlier or later year of income), means:

   (a)  a payment of interest, or in the nature of interest, that, because of
        paragraph 159GZZZZE(1)(a), is not allowable as a deduction from the
        assessable income of the year of income of a taxpayer in respect of
        the borrowing to which the certificate applies; or

   (b)  an amount that, because of paragraph 159GZZZZE(2)(d), is not allowable
        as a deduction under section 159GT from the assessable income of the
        year of income of a taxpayer in respect of the borrowing to which the
        certificate applies.".