Document ID: chunk:federal_register_of_legislation:C2025C00014:section:128nba:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 128NBA (pt 2/2)
Character Range: 1299673–1301036

allowable as deductions from the assessable income of the taxpayer of any years of income in relation to the arrangement under Division 230 of the Income Tax Assessment Act 1997; and
 (ii) all amounts (if any) of interest paid under the arrangement before the interest mentioned in paragraph (1)(a) is paid;
there is a net financial arrangement amount equal to the excess.
 (6) For the purposes of paragraph (5)(b) and subparagraph (5)(d)(i), disregard any year of income in which the taxpayer was not an Australian resident.
 (7) For the purposes of subsection (6):
 (a) if section 230‑485 of the Income Tax Assessment Act 1997 applies in relation to a year of income:
 (i) treat the foreign residency period mentioned in that section as a year of income in which the taxpayer was not an Australian resident; and
 (ii) treat the Australian residency period mentioned in that section as a year of income in which the taxpayer was an Australian resident; and
 (b) if section 230‑490 of that Act applies in relation to a year of income:
 (i) treat the period during that year in which the taxpayer was not an Australian resident as a year of income in which the taxpayer was not an Australian resident; and
 (ii) treat the period during that year in which the taxpayer was an Australian resident as a year of income in which the taxpayer was an Australian resident.