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This is a Bill, not an Act. For current law, see the Acts databases.
1996-97
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Taxation Laws
Amendment (Infrastructure Borrowings) Bill
1997
No. ,
1997
(Treasury)
A Bill
for an Act to amend the law relating to infrastructure
borrowings
Contents
Part 1—Termination of application, advice and certificate issue
provisions etc. 7tlaibh1.html
Part 2—Restriction on varying existing
certificates 7tlaibh1.html
A Bill for an Act to amend the law relating to
infrastructure borrowings
The Parliament of Australia enacts:
This Act may be cited as the Taxation Laws Amendment (Infrastructure
Borrowings) Act 1997.
This Act commences on the day on which it receives the Royal
Assent.
Each Act that is specified in a Schedule to this Act is amended or
repealed as set out in the applicable items in the Schedule concerned, and any
other item in a Schedule to this Act has effect according to its
terms.
Part
1—Termination of application, advice and certificate issue provisions
etc.
1 At the end of section 93A
Add:
However, the incentives have been terminated for new cases by the
Taxation Laws Amendment (Infrastructure Borrowings) Act 1997.
2 At the end of paragraph
93B(a)
Add:
Note: As a result of amendments made by the Taxation Laws
Amendment (Infrastructure Borrowings) Act 1997, no new applications can be
made.
3 Subsection 93D(1)
Insert:
borrowings cut-off time means 12 pm, by legal time in the
Australian Capital Territory, on 14 February 1997.
4 Subsection 93N(1)
Omit “A person”, substitute “Subject to subsection (7), a
person”.
5 At the end of section 93N
Add:
New applications not to be made
(7) After the commencement of the Taxation Laws Amendment
(Infrastructure Borrowings) Act 1997, a person is not entitled to apply to
the DAA for a certificate under this Chapter.
Certain past applications ineffective
(8) If a person applied to the DAA for a certificate under this Chapter
during the period from the borrowings cut-off time until the commencement of the
Taxation Laws Amendment (Infrastructure Borrowings) Act 1997, the
application has no effect, and is taken never to have had any
effect.
6 Subsection 93O(1)
Omit “section 93P”, substitute “sections 93P and
93PA”.
7 Subsection 93P(1)
Omit “If”, substitute “Subject to subsection (4),
if”.
8 At the end of section 93P
Add:
New advice not to be given
(4) After the commencement of the Taxation Laws Amendment
(Infrastructure Borrowings) Act 1997, the DAA must not give advice to
the applicant under subsection (1).
Certain past advice ineffective
(5) If the DAA gave advice to an applicant under subsection (1) during the
period from the borrowings cut-off time until the commencement of the
Taxation Laws Amendment (Infrastructure Borrowings) Act 1997, that
advice has no effect, and is taken never to have had any effect.
9 After section 93P
Insert:
(1) After the commencement of the Taxation Laws Amendment
(Infrastructure Borrowings) Act 1997, the DAA must not issue a certificate
under this Chapter unless it gave written advice to the applicant for the
certificate in accordance with subsection 93P(1) of this Act before the
borrowings cut-off time.
(2) Any certificate issued by the DAA under this Chapter during the period
from the borrowings cut-off time until the commencement of the Taxation Laws
Amendment (Infrastructure Borrowings) Act 1997 has no effect, and is taken
never to have had any effect, unless the DAA gave written advice to the
applicant for the certificate in accordance with subsection 93P(1) of this Act
before the borrowings cut-off time.
10 Subsection 93X(6)
Repeal the subsection.
11 Section 93Y
Repeal the section.
Part
2—Restriction on varying existing certificates
12 Section 93T
Omit “If”, substitute “Subject to section 93TA,
if”.
13 After section 93T
Insert:
Request to Commissioner of Taxation
(1) If, after the commencement of the Taxation Laws Amendment
(Infrastructure Borrowings) Act 1997, the DAA becomes satisfied as mentioned
in section 93T of this Act in relation to an application to vary the conditions
applying to a certificate, the DAA must request the Commissioner of Taxation in
writing to make a determination in accordance with subsection (2).
Nature of determination
(2) After receiving the request, the Commissioner must determine whether
or not, if the conditions are varied in accordance with the application, there
is likely to be, as a result of the variation, a reduction in the sum of the
present values (worked out when the Commissioner makes the determination) of all
amounts of tax that have or may become payable, under Acts of which the
Commissioner of Taxation has the general administration, by the persons whose
liability to tax may be affected by the variation.
Information to Commissioner
(3) The DAA must give the Commissioner any information that the
Commissioner requires for the purposes of making the determination.
Written advice of determination
(4) The Commissioner must advise the DAA and the applicant in writing of
the Commissioner’s determination.
Conditions not to be varied unless reduction unlikely
(5) The DAA must not vary the conditions if the Commissioner’s
determination is that there is likely to be a reduction of the kind mentioned in
subsection (2).
Objections
(6) If the applicant is dissatisfied with the determination by the
Commissioner, the applicant may object against it in the manner set out in Part
IVC of the Taxation Administration Act 1953.
Request to Commissioner
(1) If, during the period from the borrowings cut-off time until the
commencement of the Taxation Laws Amendment (Infrastructure Borrowings) Act
1997, the DAA approved any variation of conditions applying to a
certificate, the DAA must, as soon as practicable after the commencement of that
Act, request the Commissioner of Taxation in writing to advise in accordance
with subsection (2).
Commissioner to advise of determination
(2) After receiving the request, the Commissioner must advise the DAA and
the person who applied for the variation, in writing, of the determination that
the Commissioner would have made under subsection 93TA(2) (assuming that section
93TA had been in force at the time) if the DAA had requested the Commissioner to
make a determination in relation to the variation of the conditions immediately
before they were varied.
Application of subsections 93TA(3) and (6) etc.
(3) Subsections 93TA(3) and (6), and Part IVC of the Taxation
Administration Act 1953, apply in the same way to the Commissioner’s
advice as they do to a determination under subsection 93TA(2).
Effect of advice
(4) If the Commissioner advises that he or she would have determined that
there was likely to be a reduction of the kind mentioned in subsection 93TA(2),
the variation of the conditions has no effect, and is taken never to have had
any effect.
1 After the heading to Division 16L of Part
III
Insert:
Note: The issue of certificates that give rise to the tax
concessions in this Division has been terminated for new cases by the
Taxation Laws Amendment (Infrastructure Borrowings) Act
1997.