Income Tax Assessment Act 1997

Div 396 repealed by No 41 of 2011, s 3 and Sch 5 item 158, effective 27 June 2011.

Subdiv 396-C repealed by No 41 of 2011, s 3 and Sch 5 item 158, effective 27 June 2011. The guide to Subdiv 396-C formerly read:

Guide to Subdivision 396-C

This Subdivision explains the projects that can be approved and who can be approved as borrowers or lenders.

Where a project and a borrower are approved, a land transport facilities borrowings agreement is entered into under Subdivision 396-D.

S 396-50 repealed by No 41 of 2011, s 3 and Sch 5 item 158, effective 27 June 2011. S 396-50 formerly read:

SECTION 396-50 Who can be approved as a borrower?  
396-50(1)
An entity can only be approved as a borrower in relation to a particular project if the entity is:

(a) an incorporated body; or

(b) a ^* corporate limited partnership; or

(c) a ^* corporate unit trust; or

(d) a ^* public trading trust;

and intends to continue to be that type of entity for the period covered by the agreement.

396-50(2)
An entity cannot be approved as a borrower if the entity is making the ^* borrowing in partnership with another entity.

396-50(3)
An entity cannot be approved as a borrower if the entity:

(a) is a government body (within the meaning of subsection 93D(1) of the Development Allowance Authority Act 1992 ); or

(b) is government owned (within the meaning of subsection 93I(3) of that Act);

unless the entity is covered by subsection 93I(4) of that Act.

S 396-50 inserted by No 16 of 1998.