Income Tax (Consequential Amendments) Act 1997 (39 of 1997)

Schedule 3   Amendments of other Acts

Higher Education Funding Act 1988

101   Subsection 106H(1) (at the end of the definition of HEC repayment income of a person)

Add:

(c) in relation to the 1997-98 income year or any later income year - the sum of:

(i) the person’s taxable income for that income year; and

(ii) if the person has deducted under section 8-1 of the Income Tax Assessment Act 1997 for that income year an amount for interest on money the person borrowed to finance rental property investments, and the total of that amount and any other amounts the person has deducted under that Act or the Income Tax Assessment Act 1936 (otherwise than for interest on money borrowed) in respect of the rental property exceeds the rental income of the person - the amount of the excess.