Div 3 heading inserted by No 172 of 1978.
S 67AAA repealed by No 15 of 2007, s 3 and Sch 1 item 71, applicable to the 2007-2008 income year and later years. S 67AAA formerly read:
SECTION 67AAA DEDUCTIONS NOT ALLOWABLE FOR INTEREST ETC. ON LOANS OBTAINED TO FINANCE CERTAIN SUPERANNUATION CONTRIBUTIONS AND LIFE ASSURANCE PREMIUMS
67AAA(1) Superannuation contributions
interest etc. not deductible unless contributions deductible under section
A deduction is not allowable under this Act to a taxpayer in respect of a financing cost in relation to:
(a) contributions made to a fund for the purpose of making provision for superannuation benefits for, or for dependants of, the taxpayer or another person;
(b) a deduction is allowable to the taxpayer under section
for those contributions (assuming subsections 82AAC(2) to (3) (inclusive) had not been enacted).
S 67AAA(1)(b) amended by No 89 of 2001 and No 181 of 1994.
67AAA(2) Life assurance premiums
interest etc. not deductible unless premium consists wholly of risk component and policy pay-out is assessable.
A deduction is not allowable under this Act to a taxpayer in respect of a financing cost in relation to a premium for a life assurance policy unless:
(a) the whole of the premium received by the insurer consists of the risk component of the premium; and
(b) each amount which the insurer is liable to pay under the policy would be included in the taxpayer
s assessable income if it were paid.
S 67AAA(2) amended by No 101 of 2004.
In this section:
dependant has the same meaning as in the
Occupational Superannuation Standards Act 1987
financing cost , in relation to an amount (
), means expenditure incurred by a taxpayer to the extent to which it is incurred in respect of obtaining finance for the financed amount and, without limiting the generality of the foregoing, includes:
(a) interest or a payment in the nature of interest; and
(b) expenses of borrowing.
"life assurance policy" (Repealed by No 101 of 2004)
risk component of a premium for a life assurance policy means the amount of the premium worked out on the basis specified in the regulations.
inserted by No 101 of 2004.
S 67AAA inserted by No 224 of 1992.
S 67AA to 70A repealed as inoperative by
No 101 of 2006
, s 3 and Sch 1 item 77, effective 14 September 2006. For
application and savings provisions
and for former wording see the
CCH Australian Income Tax Legislation archive
. A remade version of subsection 69(7), which is repealed by the above item, is included in the
Income Tax Assessment Act 1997