Section CZ 21 — Income Tax Act 2007: Superannuation fund loans made to members before 1 April 1989

CZ 21 Superannuation fund loans made to members before 1 April 1989 When this section applies (1) This section applies for the purposes of section CS 18 (Value of loan treated as fund income) in the case of a loan made by a superannuation fund to a member if— (a) it was made before 1 April 1989; and (b) the rate of interest payable on the loan cannot be reviewed. Prescribed rate of interest varied (2) The prescribed rate of interest is treated as being— (a) the non-concessionary rate of interest for the tax year in which the loan agreement was signed or, if not in writing, agreed to by all parties, in the case of a loan made before 1 April 1985: (b) the prescribed rate of interest for the quarter in which the loan agreement was signed or, if not in writing, agreed to by all parties, in any other case. Defined in this Act: interest , member , non-concessionary rate of interest , pay , prescribed rate of interest , quarter , superannuation fund , tax year , Compare: 2004 No 35 s GD 6(3)