INCOME TAX ASSESSMENT ACT 1997 - SECT 415.30 Bad debts written off etc. by trusts

INCOME TAX ASSESSMENT ACT 1997 - SECT 415.30

Scope

  (1)   This section applies to a debt to which paragraph   266 - 35(1)(a), 266 - 85(1)(a) or (2)(a), 266 - 120(1)(a), 266 - 160(1)(a) or (b), 267 - 25(1)(a) or 267 - 65(1)(a) in Schedule   2F to the Income Tax Assessment Act 1936 applies, if the trust is a * designated infrastructure project entity at a time (the status time ) in the income year in which the debt was incurred.

Modifications of Schedule   2F to the Income Tax Assessment Act 1936

  (2)   Despite paragraph   266 - 35(1)(b), 266 - 85(1)(b) or (2)(b), 266 - 120(1)(b), 266 - 160(2)(a), 267 - 25(1)(b) or 267 - 65(1)(a) in that Schedule, for the purposes of sections   266 - 40 and 266 - 45, section   266 - 90, subsections   266 - 125(1) and (2), subsections   266 - 165(1) and (2), sections   267 - 40 and 267 - 45 or sections   267 - 70 and 267 - 75 in that Schedule (whichever are applicable), the test period starts at the first time:

  (a)   that occurs after the status time; and

  (b)   at which the trust is not a * designated infrastructure project entity.

  (3)   For the purposes of section   267 - 30 in that Schedule, disregard any part of an income year during which the trust is a * designated infrastructure project entity.