Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 820 - Thin capitalisation rules  

Subdivision 820-EAA - Debt deduction limitation rules for debt deduction creation (all relevant entities)  

Operative provisions

SECTION 820-423F  

820-423F   Modified meaning of Australian entity  

For the purposes of this Subdivision, in determining whether an entity is an *Australian entity (including for the purposes of determining whether another entity is a *foreign entity) at a particular time:

(a)    for the purposes of paragraph 336(a) of the Income Tax Assessment Act 1936 , treat a partnership as being an Australian entity if, at that time, a *direct participation interest of 50% or more is held in the partnership by one or more of the following:

(i) an Australian resident;

(ii) an *Australian trust; and

(b)    disregard section 337 of that Act.