Commonwealth act

Infrastructure Certificate Cancellation Tax Act 1994

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

160 of 1994

Collection

act

Plain English Summary

1/10 complexity

What this law does

This Act imposes a tax when an infrastructure borrowing certificate is cancelled. These certificates allowed companies to claim tax deductions for borrowing costs related to major infrastructure projects.

Who it affects Companies that cancel infrastructure borrowing certificates.

How it works

When a certificate is cancelled, a "cancellation amount" is calculated under the Income Tax Assessment Act 1936 (the main tax law)
This Act imposes a tax exactly equal to that cancellation amount
This effectively claws back tax benefits the company previously claimed under the certificate scheme

Why it matters It ensures that if a company cancels a certificate (ending their obligations under it), they must pay tax to offset the deductions they have already received, preventing a tax windfall.

JSON API Tax / GST / superannuation

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Current sections

Direct links to the current provisions in Infrastructure Certificate Cancellation Tax Act 1994.

Infrastructure Certificate Cancellation Tax Act 1994

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View image in the official source

Infrastructure Certificate Cancellation Tax Act 1994

No. 160, 1994

An Act to impose a tax in respect of the cancellation of infrastructure borrowing certificates

Contents

View image in the official source

Infrastructure Certificate Cancellation Tax Act 1994

No. 160, 1994

An Act to impose a tax in respect of the cancellation of infrastructure borrowing certificates

[Assented to 16 December 1994]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Infrastructure Certificate Cancellation Tax Act 1994.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Imposition of tax

Tax is imposed on an infrastructure certificate cancellation amount within the meaning of section 159GZZZZH of the Income Tax Assessment Act 1936.

4 Amount of tax

The amount of the tax imposed by this Act is equal to the infrastructure certificate cancellation amount.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8

?xml version="1.0" encoding="utf-8" standalone="no"?>

Infrastructure Certificate Cancellation Tax Act 1994

No. 160, 1994

An Act to impose a tax in respect of the cancellation of infrastructure borrowing certificates

Contents

Infrastructure Certificate Cancellation Tax Act 1994

No. 160, 1994

An Act to impose a tax in respect of the cancellation of infrastructure borrowing certificates

[Assented to 16 December 1994]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Infrastructure Certificate Cancellation Tax Act 1994.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Imposition of tax

Tax is imposed on an infrastructure certificate cancellation amount within the meaning of section 159GZZZZH of the Income Tax Assessment Act 1936.

4 Amount of tax

The amount of the tax imposed by this Act is equal to the infrastructure certificate cancellation amount.

Read the source document