Tax Laws Amendment (2007 Measures No. 3) Act 2007 (79 of 2007)

Schedule 7   Interest withholding tax

Income Tax Assessment Act 1936

10   Paragraph 128FA(2)(b)

Repeal the paragraph, substitute:

(b) for a debt interest other than a debenture - the debt interest:

(i) is a syndicated loan; or

(ii) is prescribed by the regulations for the purposes of this section; and

(c) either:

(i) the issue of the debenture or debt interest satisfies the public offer test set (see subsection (6)); or

(ii) for a syndicated loan - the invitation to become a lender under the relevant syndicated loan facility satisfies the public offer test (see subsection (6A));