Document ID: chunk:federal_register_of_legislation:C2025C00029:section:8:p8
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 8 (pt 8/30)
Character Range: 4182320–4184994

entered into on or after 1 July 2007 if:
 (a) the protected thing is a beneficial interest in:
 (i) a *share, unit or stapled security that is not listed for quotation in the official list of an *approved stock exchange; or
 (ii) an entity that holds a beneficial interest in a share, unit in a unit trust or stapled security either directly, or indirectly through one or more interposed entities, that is not so listed; and
 (b) one of these conditions is satisfied:
 (i) for a non‑listed share—the company is not a *widely held company;
 (ii) for a non‑listed unit—the trust is not a widely held unit trust as defined in section 272‑105 in Schedule 2F to the Income Tax Assessment Act 1936;
 (iii) for a non‑listed stapled security—any company involved is not a widely held company and any trust involved is not such a widely held unit trust.

247‑20  Treating capital protection as a put option
 (1) This section applies to a borrower if:
 (aa) the borrower has an excess using the method statement in subsection (3) for:
 (i) a *capital protected borrowing entered into after 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 2008 (the 2008 Budget time); or
 (ii) an extension of the capital protected borrowing; or
 (a) the borrower has an amount that is reasonably attributable to the *capital protection as mentioned in subsection (2) for a capital protected borrowing entered into or extended on or after 1 July 2007 and at or before the 2008 Budget time; or
 (b) the borrower has an amount that is reasonably attributable to the capital protection as mentioned in subsection (2) for a capital protected borrowing entered into or extended at or after 9.30 am, by legal time in the Australian Capital Territory, on 16 April 2003 and before 1 July 2007.
Note: If a capital protected borrowing covered by paragraph (1)(a) or (b) is extended or otherwise changed after the 2008 Budget time, section 247‑85 of the Income Tax (Transitional Provisions) Act 1997 applies to the capital protected borrowing.
 (2) For paragraphs (1)(a) and (b), the amount that is reasonably attributable to the *capital protection is worked out under Division 247 of the Income Tax (Transitional Provisions) Act 1997.
 (3) This is the method statement.

      Method statement
           Step 1. Work out the total amount incurred by the borrower under or in respect of the *capital protected borrowing for the income year, ignoring amounts that are not in substance for *capital protection or interest.
           Step 2. Work out the total interest that would have been incurred for the income year on a *borrowing or provision of credit of the same amount as under the