Commonwealth Consolidated Acts

TAX LAWS AMENDMENT (2009 MEASURES NO. 5) ACT 2009 - SCHEDULE 5

Income Tax Assessment Act 1936

1   Subsections 128F(5A) and (5B)

Repeal the subsections.

2   Subsection 128F(7)

Repeal the subsection, substitute:

Australian public bodies are treated as Australian resident companies

  (7)   This section applies in relation to a debenture or debt interest issued by:

  (a)   the Commonwealth, a State or a Territory; or

  (b)   an authority of the Commonwealth, of a State or of a Territory;

as if the Commonwealth, State, Territory or authority were a company and a resident of Australia.

3   Application

The amendments made by this Schedule apply to interest paid on or after the commencement of this Schedule.