Income Tax Assessment Act 1997
SECTION 820-423B Amount of debt deduction disallowed
Acquisition of CGT asset, or legal or equitable obligation
820-423B(1)
If the condition in subsection 820-423A(2) is met, the amount of the * debt deduction disallowed under subsection 820-423A(1) is the amount of the debt deduction, to the extent that the relevant entity mentioned in subsection 820-423A(2) incurred it in relation to any of the following: (a) the acquisition mentioned in subparagraph 820-423A(2)(d)(i) ; (b) the holding mentioned in subparagraph 820-423A(2)(d)(ii) .
Financial arrangements involving associate pairs
820-423B(2)
If the conditions in subsection 820-423A(5) are met, then under subsection 820-423A(1) the *debt deduction is disallowed to the same extent as the extent to which the payer mentioned in paragraph 820-423A(5)(a) uses the *financial arrangement in a manner that satisfies paragraph 820-423A(5)(b) .
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