Document ID: chunk:federal_register_of_legislation:C2025C00162:clause:1a_1157q:p2
Version: federal_register_of_legislation:C2025C00162
Segment Type: clause
Provision Reference: sch 1A cl 1157Q (pt 2/2)
Character Range: 2351096–2352345

day, means:
 (a) for a housing loan—the lowest variable rate of interest for a housing loan; or
 (b) for any other loan—the lowest variable rate of interest for any other loan;
that is available on that day from a bank which is one of 4 banks specified in a determination made, by legislative instrument, by the Minister.
 (5) The actual rate of interest for the loan is:
 (a) if the loan starts after 1 July in the appropriate tax year—the rate of interest that is payable under the loan on the day on which the loan starts; and
 (b) in any other case—the rate of interest that is payable under the loan on 1 July in the appropriate tax year.
 (6) The amount of the loan that is outstanding is:
 (a) if the loan starts after 1 July in the appropriate tax year—the amount that is outstanding on the day on which the loan starts; and
 (b) in any other case—the amount that is outstanding on 1 July in the appropriate tax year.
 (7) If:
 (a) the person is a member of a couple; and
 (b) the person's partner receives a loan fringe benefit in the appropriate tax year; and
 (c) the person's and the partner's loan fringe benefits relate to the same loan;
the value of the loan fringe benefit obtained in Step 11 of the Method statement is to be halved.