Development Allowance Authority Act 1992
No. 99, 1992
Compilation No. 17
Compilation date: 5 May 2016
Includes amendments up to: Act No. 53, 2016
Registered: 10 June 2016
About this compilation
This compilation
This is a compilation of the Development Allowance Authority Act 1992 that shows the text of the law as amended and in force on 5 May 2016 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.
Self‑repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Chapter 1—Preliminary
1 Short title
2 Commencement
2A Application of the Criminal Code
Chapter 3—Infrastructure borrowings
Part 1—Preliminary
93A Object
93B Simplified outline of scheme of Chapter
93C Example of how this Chapter works
Part 2—Interpretation: Infrastructure borrowings etc.
93D Interpretation
93E Kinds of infrastructure borrowing
93F Direct infrastructure borrowing
93G Indirect infrastructure borrowing
93H Refinancing infrastructure borrowing
93I Infrastructure borrowings—borrower requirements
93J Direct infrastructure borrowing—requirement relating to spending of borrowed money
93K Direct infrastructure borrowing—requirement relating to use or sale of facilities on which borrowed money is to be spent
93L Infrastructure facilities
93M Related facilities
Part 3—Certificates
Division 1—Issue, variation and transfer etc.
93N Application for certificate
93O Criteria for issuing certificate
93P Undertaking to comply with certificate conditions
93PA Termination of certificate issue provisions
93Q Form of certificate etc.
93R Conditions applying to certificate
93S Application for variation of conditions applying to a certificate
93T Criteria for variation of conditions applying to a certificate
93TA Conditions not to be varied if total tax payable reduced
93TB Reconsideration of pre‑commencement variations
93U Transfer of certificate
93V Criteria for transfer of certificate
93W Undertaking to comply with certificate conditions
93X Provisions relating…
Overview
The Development Allowance Authority Act 1992 was enacted to establish the Development Allowance Authority and provide tax incentives for genuine private sector investment in publicly accessible infrastructure facilities and related facilities. The Act was introduced to address the need for a structured framework to facilitate and regulate such investments. Enacted by the Australian Parliament, the Act aims to provide a clear and transparent process for entities seeking to invest in infrastructure projects. It outlines the criteria and procedures for obtaining certificates related to infrastructure borrowings, which are necessary to access certain tax benefits. The incentives have been terminated for new cases by the Taxation Laws Amendment (Infrastructure Borrowings) Act 1997, which means that no new applications can be made under this Act.
Scope and Application
The Development Allowance Authority Act 1992 is a Commonwealth Act that establishes the Development Allowance Authority (DAA) and outlines its functions and powers. The Act applies to the DAA, its employees, and any person or entity involved in the issuance of certificates under the Act. The Act has a national jurisdictional reach, applying across Australia. It provides tax incentives for genuine private sector investment in publicly accessible infrastructure facilities and related facilities through the issuance of certificates that allow for certain tax benefits. However, the incentives have been terminated for new cases by the Taxation Laws Amendment (Infrastructure Borrowings) Act 1997. The Act allows for the extension of its application through subordinate instruments, such as regulations, which may prescribe matters required or permitted by the Act. Any uncommenced amendments affecting the Act are accessible on the Legislation Register. The Act includes provisions for the protection of commercial-in-confidence information, and it outlines the process for the reconsideration and review of decisions made by the DAA.
Key Provisions
- The Development Allowance Authority Act 1992 primarily aims to provide tax incentives for genuine private sector investment in publicly accessible infrastructure facilities and related facilities. The Act outlines the procedures for issuing certificates related to infrastructure borrowings, which were designed to encourage investment by providing tax benefits. Key provisions include the criteria for determining what constitutes an infrastructure borrowing (sections 93E-93H), the conditions for the issuance of certificates (sections 93O-93P), and the obligations and requirements for the holders of these certificates (sections 93R-93S). The Act also details the circumstances under which a certificate may be cancelled or terminated, such as failure to comply with information requests, making false or misleading statements, or ceasing to meet the borrower requirements (sections 93Z-93ZD). Additionally, the Act imposes obligations on the Development Allowance Authority (DAA) to report to the Commissioner of Taxation and to provide information to the Administrative Appeals Tribunal (sections 93ZF and 120). Failure to comply with these provisions can result in significant penalties, including imprisonment for up to two years and fines, as outlined in sections 114 and 114A of the Act. These provisions underscore the importance of adhering to the requirements set forth in the Act to avoid severe consequences.
- Area of Law
- Taxation Law
- Commercial Law
- Instrument
- Act
- Concepts
- Commencement Provisions
- Reporting & Disclosure Obligations
- Prohibited Conduct
- Regulatory Standards
- Definitions & Interpretation