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Taxation Determination

TD 94/52

Income tax: can funds be raised through an infrastructure borrowing before expenditure is contractually required to be made for the construction of an infrastructure facility, or the construction or acquisition of a related facility?

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FOI status:

may be releasedFOI number: I 1217518

This Determination, to the extent that it is capable of being a 'public ruling' in terms of Part IVAAA of the Taxation Administration Act 1953 , is a public ruling for the purposes of that Part. Taxation Ruling TR 92/1 explains when a Determination is a public ruling and how it is binding on the Commissioner. Unless otherwise stated, this Determination applies to years commencing both before and after its date of issue. However, this Determination does not apply to taxpayers to the extent that it conflicts with the terms of a settlement of a dispute agreed to before the date of issue of the Determination (see paragraphs 21 and 22 of Taxation Ruling TR 92/20).

1. Yes. Funds which are intended to be spent on the construction of one or more 'infrastructure facilities', or the construction or acquisition of one or more 'related facilities', may be raised before expenditure is required to be made under the relevant agreement.

2. Under sections 159GZZZU and 159GZZZW of the Income Tax Assessment Act 1936 , such borrowings will constitute infrastructure borrowings under Division 16L of Part III from the date of the borrowing if, at that time, the requirements relating to the spending of moneys set out in section 159GZZZZA are able to be satisfied.

Commissioner of Taxation
16/6/94

Previously issued as Draft TD 94/D5

References

ATO references:
NO Public Infrastructure Unit; PIU DTD 94/D5

ISSN 1038 - 8982

Related Rulings/Determinations:

TD 94/49
TD 94/50
TD 94/51
TD 94/53

Subject References:
infrastructure borrowings
infrastructure facility
related facility

Legislative References:
ITAA 159GZZZU
ITAA 159GZZZW
ITAA 159GZZZZA(1)
ITAA 159GZZZZA(3)
ITAA 159GZZZZC
ITAA 159GZZZZD

TD 94/52 history
  Date: Version: Change:
You are here 16 June 1994 Original ruling  
  7 December 2016 Withdrawn  

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