Document ID: chunk:federal_register_of_legislation:C2025C00014:section:159gp:p4
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 159GP (pt 4/5)
Character Range: 1420865–1423426

relation to a security if at the time when the security is issued it is reasonably likely, by reason that the security was issued at a discount, bears deferred interest or is capital indexed or for any other reason, having regard to the terms of the security, for the sum of all payments (other than periodic interest payments) under the security to exceed the issue price of the security, and the amount of the eligible return is the amount of the excess.
 (6) For the purposes of this Division, where an amount of interest is payable under a security, the amount shall be taken to be periodic interest if the period between the commencement of the period in respect of which the interest is expressed to be payable and the time at which the interest is payable is less than or equal to one year.
 (7) Where:
 (a) but for this subsection, an amount of interest payable under a security would, by reason of the application of subsection (6), be taken, for the purposes of this Division, to be periodic interest; and
 (b) the Commissioner, having regard to the amount of the interest, considers that it is properly attributable to a period in excess of one year;
then, for purposes of the application of this Division:
 (c) the amount of interest shall not be taken to be periodic interest; and
 (d) the amount of interest shall be taken to be attributable to the period to which the Commissioner considers it is properly attributable.
 (8) Where 2 or more of the amounts payable under a security are payable to different persons and in return for consideration given by different persons, the 2 or more amounts shall, for the purposes of this Division, be taken to be payable under a separate security having such of the terms of the first‑mentioned security as are relevant.
 (9) For the purposes of the application of this Division in relation to the holding of a security acquired by a taxpayer on transfer, any prior holding of the security by the taxpayer, whether on issue or transfer, shall be disregarded.
 (9A) For the purposes of paragraph (ba) of the definition of qualifying security in subsection (1), if:
 (a) after 16 December 1984, a person issues a security (the first in the series) that is not a qualifying security; and
 (b) during the period from the end of 16 December 1984 until the issuing of the first in the series, the person did not issue any qualifying security with exactly the same payment dates, payment amounts and other terms as the first in the series; and
 (c) after issuing the first in the series, the person issues another