Commonwealth Numbered Acts

TAX LAWS AMENDMENT (2009 MEASURES NO. 5) ACT 2009 (NO. 118, 2009) - SCHEDULE 5

Income Tax Assessment Act 1936

1  Subsections 128F(5A) and (5B)

Repeal the subsections.

2  Subsection 128F(7)

Repeal the subsection, substitute:

Australian public bodies are treated as Australian resident companies

             (7)  This section applies in relation to a debenture or debt interest issued by:

                     (a)  the Commonwealth, a State or a Territory; or

                     (b)  an authority of the Commonwealth, of a State or of a Territory;

as if the Commonwealth, State, Territory or authority were a company and a resident of Australia.

3  Application

The amendments made by this Schedule apply to interest paid on or after the commencement of this Schedule.