Tax Laws Amendment (2005 Measures No. 5) Act 2005 (162 of 2005)

Schedule 6   Debt and equity interests

Part 2   Technical amendments taken to have commenced on 1 July 2001

Income Tax Assessment Act 1997

22   At the end of section 974-75


(5) If, while subsection (4) applies to a *financing arrangement, a circumstance occurs that would otherwise have attracted the operation of subsection 974-110(1) or (2) in relation to the arrangement:

(a) that subsection of section 974-110 does not apply to change the result that subsection (4) of this section produces in relation to the arrangement; but

(b) for the purpose of applying this Division in relation to the arrangement after subsection (4) of this section has ceased to have effect, that subsection of section 974-110 is taken to have produced the result that it would have produced if subsection (4) of this section had not applied to the arrangement.

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