Commonwealth Numbered Acts

INCOME TAX ASSESSMENT AMENDMENT ACT (No. 2) 1983 No. 25 of 1983 - SECT 16

16. (1) Where-

   (a)  section 128EA or 128G of the Income Tax Assessment Act 1936 would, but
        for this section, apply in respect of interest (in this sub-section
        referred
to as the ''relevant interest'') paid before the date of commencement of this
section in respect of a loan raised in pursuance of a contractual obligation
entered into on or after 20 May 1983; and

   (b)  the Commissioner, having regard to the amount of the loan to which the
        relevant interest relates, the terms of the contractual obligation and
        the amount of the relevant interest, is satisfied that the whole or a
        part (which
whole or part is in this sub-section referred to as the ''disqualified
interest'') of the relevant interest was paid before the date of commencement
of this section, rather than at a later time, for the purpose of obtaining the
benefit of the application of section 128EA or section 128G, as the case may
be, of the Income Tax Assessment Act 1936, section 128EA or 128G, as the case
may be, of the Income Tax Assessment Act  1936 does not apply in relation to
the disqualified interest.

(2) A person is not guilty of an offence by virtue of the operation of
sub-section (1).
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