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LOANS (TAXATION EXEMPTION) ACT 1978 No. 160, 1978 - SECT 4 Exemption from taxation of certain documents and payments

LOANS (TAXATION EXEMPTION) ACT 1978 No. 160, 1978 - SECT 4

Exemption from taxation of certain documents and payments
4. (1) Where, by the terms and conditions upon which a prescribed borrowing
has been made, the Commonwealth has given an undertaking, however expressed,
to the effect that a document relating to the borrowing will be exempt from,
free of, or not subject to taxes imposed in Australia, the document is not
subject to any tax or duty under any law.

(2) Where, by the terms and conditions upon which a prescribed borrowing has
been made, the Commonwealth has given an undertaking, however expressed, to
the effect that an amount payable by or on behalf of the Commonwealth in
respect of the borrowing, whether by way of principal, interest, commitment
fee or otherwise, will be exempt from, free of, or not subject to, taxes
imposed in Australia, except where the person beneficially entitled to the
amount is a person included in a particular class of persons consisting of or
including all residents of Australia, the amount-

   (a)  is not subject to any tax or duty under any law; and

   (b)  shall be disregarded for all purposes in determining the liability of
        any person to pay tax or duty under any law or in determining the
        amount of any such liability, unless, at the time of the Act,
        transaction or event that, according to the provisions of the law
        imposing the tax or duty, gave rise to liability to the tax or duty,
        the person beneficially entitled to the amount was a person included
        in that particular class of persons.