Document ID: chunk:federal_register_of_legislation:C2010C00685:clause:3_21
Version: federal_register_of_legislation:C2010C00685
Segment Type: clause
Provision Reference: sch 3 cl 21
Character Range: 89134–90964

21  Certain projects taken to be approved

(1) This item applies to an infrastructure facility or a related facility (within the meaning of section 93L or 93M of the Development Allowance Authority Act 1992) if:
 (a) an application had been made for a certificate under Part 3 of Chapter 3 of that Act on or before 14 February 1997 in respect of borrowings in connection with the facility; and
 (b) a certificate had been issued under that Act in respect of those borrowings but the certificate is not effective because of the operation of the Taxation Laws Amendment (Infrastructure Borrowings) Act 1997; and
 (c) the Minister for Transport and Regional Development determines, by written notice, that this item applies to the facility.

(2) A determination is to include all of the matters that would be set out if the determination were a decision to approve a borrower and a project under section 396‑70 of the Income Tax Assessment Act 1997.

(3) The income years specified in the determination must not include an income year that starts more than 5 years after the first borrowing is made in respect of the project.

(4) The Minister for Transport and Regional Development must not specify in the determination a maximum amount of tax offsets for the project for an income year that would cause the maximum amount referred to in section 396‑20 of the Income Tax Assessment Act 1997 for that income year to be exceeded.

(5) If this item applies to an infrastructure facility:
 (a) Division 396 of the Income Tax Assessment Act 1997 applies to the facility as if it were a land transport facility; and
 (b) the Minister for Transport and Regional Development is taken to have made a decision under section 396‑70 of the Income Tax Assessment Act 1997 to approve the borrower and the project specified in the determination.