Document ID: chunk:federal_register_of_legislation:C2010C00679:section:1987:p26
Version: federal_register_of_legislation:C2010C00679
Segment Type: section
Provision Reference: s 1987 (pt 26/51)
Character Range: 76211–78950

in respect of
a financing cost in relation to a premium for a life assurance policy unless:
  (a) the whole of the premium received by the insurer consists of a risk
component within the meaning of section 110; and
  (b) each amount which the insurer is liable to pay under the policy would be
included in the taxpayer's assessable income if it were paid.
(Definitions)
  "(3) In this section:
  'dependant' has the same meaning as in the Occupational Superannuation
Standards Act 1987;
  'financing cost', in relation to an amount ('financed amount'), means
expenditure incurred by a taxpayer to the extent to which it is incurred in
respect of obtaining finance for the financed amount and, without limiting the
generality of the foregoing, includes:
  (a) interest or a payment in the nature of interest; and
  (b) expenses of borrowing;
  'life assurance policy' has the same meaning as in section 110, but does not
include an annuity.".

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 34
Application

  34. Section 67AAA of the Principal Act as amended by this Division applies
to a financing cost to the extent to which it is incurred in respect of:
  (a) a loan, or other financing arrangement, that was entered into after 18
August 1992; or
  (b) a loan, or other financing arrangement, resulting from a "roll-over",
after 18 August 1992, of the whole or a part of a previous loan or financing
arrangement; or
  (c) a period of extension of the period for which:
    (i) loan money was lent; or
    (ii) other finance was provided;
where the extension occurred after 18 August 1992.

Division 11 - Amendments to extend the concept of Crown leases for the
purposes of the depreciation provisions

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 35
Property installed on leased Crown land - lessee deemed
to be owner etc.

  35. Section 54AA of the Principal Act is amended:
  (a) by inserting before subsection (1) the following subsection:
  ("Crown lease", "lessee" and "lessor" have extended meanings)
  "(1A) The expressions "Crown lease", "lessee" and "lessor" are given
extended meanings for the purposes of this section (see subsection (8)).";
  (b) by omitting "the lease" (wherever occurring) and substituting "the Crown
lease";
  (c) by omitting from paragraph (2)(a) and subsection (4) "the lessor" and
substituting "any other person";
  (d) by inserting after subsection (7) the following subsection:
(Meaning of "eligible government body")
 "(7A) For the purposes of this section, a person is an eligible government
body at a particular time if:
  (a) the person is the Commonwealth, a State or a Territory; or
  (b) both:
    (i) the person is an authority of the Commonwealth, a State