Document ID: chunk:federal_register_of_legislation:C2010C00679:section:1987:p25
Version: federal_register_of_legislation:C2010C00679
Segment Type: section
Provision Reference: s 1987 (pt 25/51)
Character Range: 73653–76431

advance eligibility ruling in relation
to an application proposed to be made under section 39P of the Industry
Research and Development Act 1986 on behalf of the company for joint
registration of the company and one or more other companies in respect of the
year of income in relation to one or more proposed projects comprising or
including those research and development activities; and
  (b) if there was or is a finance scheme in relation to those research and
development activities - the finance scheme was not entered into, or varied,
on or after 1 July 1993.
(Definitions)
  (4) In this section:
  "advance eligibility ruling", in relation to a proposed application for the
registration of a company or companies, means a statement issued by the Board
to the effect that the Board is of the opinion that particular activities
carried on, or proposed to be carried on, by or on behalf of the company or
companies are research and development activities, where the statement is
issued in connection with the proposed application;
  "amended Act" means the Principal Act as amended by this Act;
  "finance scheme" has the same meaning as in section 39A of the Industry
Research and Development Act 1986 as amended by this Act;
  "interim period" means the period:
  (a) commencing on 31 March 1992; and
  (b) ending at the end of 10 June 1992.

Division 10 - Amendments to limit deductions for interest etc. on loans
obtained to finance certain superannuation contributions and life
assurance premiums

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 33

  33. After section 67 of the Principal Act the following section is inserted:
Deductions not allowable for interest etc. on loans obtained to finance
certain superannuation contributions and life assurance premiums
(Superannuation contributions - interest etc. not deductible unless
contributions deductible under section 82AAC)
  "67AAA.(1) A deduction is not allowable under this Act to a taxpayer in
respect of a financing cost in relation to:
  (a) contributions made to a fund for the purpose of making provision for
superannuation benefits for, or for dependants of, the taxpayer or another
person;
unless:
  (b) a deduction is allowable to the taxpayer under section 82AAC for those
contributions (assuming subsections 82AAC(2) to (3) (inclusive) had not been
enacted).
(Life assurance premiums - interest etc. not deductible unless premium
consists wholly of risk component and policy pay-out is assessable)
  "(2) A deduction is not allowable under this Act to a taxpayer 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)