Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p7
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 7/64)
Character Range: 416141–418870

of the capital protected borrowing is extended;
 (b) some other change is made to the terms and conditions of the capital protected borrowing.
 (2) Work out the amount that is reasonably attributable to the capital protection using the method statement in subsection 247‑75(1) and, for step 2 in 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.

Division 253—Financial claims scheme for account‑holders with insolvent ADIs

Table of Subdivisions
253‑A Tax treatment of entitlements under financial claims scheme

Subdivision 253‑A—Tax treatment of entitlements under financial claims scheme

Table of sections
253‑5 Application of section 253‑5 of the Income Tax Assessment Act 1997
253‑10 Application of sections 253‑10 and 253‑15 of the Income Tax Assessment Act 1997

253‑5  Application of section 253‑5 of the Income Tax Assessment Act 1997
  Section 253‑5 of the Income Tax Assessment Act 1997 applies to amounts paid or applied before, on or after the commencement of that section to meet entitlements arising under Division 2AA of Part II of the Banking Act 1959 after 17 October 2008.
Note: Division 2AA of Part II of the Banking Act 1959 commenced on 18 October 2008.

253‑10  Application of sections 253‑10 and 253‑15 of the Income Tax Assessment Act 1997
  Sections 253‑10 and 253‑15 of the Income Tax Assessment Act 1997 apply to CGT events happening after 17 October 2008.

Part 3‑25—Particular kinds of trusts

Division 275—Australian managed investment trusts

Table of Subdivisions
275‑A Choice for capital treatment of MIT gains