Document ID: chunk:federal_register_of_legislation:C2011A00061:clause:2_12:p3
Version: federal_register_of_legislation:C2011A00061
Segment Type: clause
Provision Reference: sch 2 cl 12 (pt 3/3)
Character Range: 13949–15181

that method statement, using the rate applicable under either or both of subsections (3) and (4) from the earlier of these times:
 (a) the time the extension or change took effect;
 (b) the start of 1 July 2013;
(the switch‑over time).
 (3) If:
 (a) the capital protected borrowing is at a fixed rate for all or part of the term of the capital protected borrowing; and
 (b) that fixed rate is applicable to the capital protected borrowing for all or part of the income year that is at or after the switch‑over time;
use the adjusted loan rate (as described in subsection 247‑80(4)) applicable at the first time an amount covered by step 1 of that method statement was incurred, in any income year, while the capital protected borrowing is at that fixed rate.
 (4) If:
 (a) the capital protected borrowing is at a variable rate for all or part of the term of the capital protected borrowing; and
 (b) a variable rate is applicable to the capital protected borrowing for all or part of the income year that is at or after the switch‑over time;
use the average of the adjusted loan rates (as described in subsection 247‑80(4)) applicable during those parts of the income year when the capital protected borrowing is at a variable rate.