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S 67AAA repealed by No 15 of 2007, s 3 and Sch 1 item 71, applicable to the 2007-2008 income year and later years.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 82AAC.
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 82AAC 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 ("financed 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"life assurance policy" (Repealed by No 101 of 2004)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.
Definition of "risk component" inserted by No 101 of 2004.
S 67AAA inserted by No 224 of 1992.