S 128EA repealed by No 101 of 2006, s 3 and Sch 3 item 9, effective 1 January 2008. S 128EA formerly read:
SECTION 128EA DIVISION NOT TO APPLY TO INTEREST ON BORROWINGS BY AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION
128EA(1)
This section applies to interest paid on or after 1 July 1973 by the Australian Industry Development Corporation (in this subsection referred to as the
Corporation
) in respect of a loan to the Corporation where:
(a)
the loan was raised outside Australia by the Corporation;
(b)
the interest is or was paid outside Australia by the Corporation; and
(c)
if the loan was raised by the issue of debentures the principal and interest moneys in respect of which are expressed to be payable to the bearers of the debentures:
(i)
the debentures were issued outside Australia;
(ii)
the loan was raised in a currency other than the currency of Australia; and
(iii)
the interest is or was paid in a currency other than the currency of Australia.
128EA(2)
Tax is not payable, and shall be deemed not to have been payable, in accordance with this Division in respect of interest to which this section applies.
128EA(3)
[
Interest under contract entered into post-19 May 1983]
This section does not apply to interest paid on or after the date of commencement of this subsection in respect of a loan raised in pursuance of a contractual obligation entered into on or after 20 May 1983.
History
S 128EA(3) inserted by No 25 of 1983.
128EA(4)
This section does not apply to interest paid after the date of commencement of this subsection in respect of a loan raised pursuant to a contractual obligation entered into before 20 May 1983 to the extent to which:
(a)
the interest is paid in respect of loan money that:
(i)
was borrowed by the borrower after 17 September 1986; and
(ii)
before 18 September 1986, the borrower was not under a contractual obligation to borrow;
(b)
the interest is paid in respect of a loan resulting from a
roll-over
, after 17 September 1986, of the whole or a part of a previous loan; or
(c)
the interest is paid in respect of a period of extension of the period for which loan money was lent, being an extension occurring after 17 September 1986.
History
S 128EA(4) inserted by No 112 of 1986.
S 128EA inserted by No 80 of 1975.
View history note
Hide history note