New Business Tax System (Thin Capitalisation) Act 2001 (162 of 2001)

Schedule 2   Dictionary amendments

Income Tax Assessment Act 1997

50   Subsection 995-1(1)

Insert:

on-lent amount , of an entity and at a particular time, means the value, as at that time, of:

(a) all the assets of the entity that are comprised by *debt interests issued by other entities; and

(b) all the assets of the entity that are comprised by leases for the hire of goods that are not covered by paragraph (a) and in relation to which the following subparagraphs are satisfied:

(i) each of the leases is for a term of 6 months or more;

(ii) the leases are part of the *business of hiring goods that the entity carries on;

(iii) the entity's business of hiring goods is not carried on predominantly for the purposes of hiring goods to the entity's *associates; and

(c) all the securities that were held by the entity that:

(i) have been sold by the entity under a reciprocal purchase agreement (otherwise known as a repurchase agreement), sell-buyback arrangement or securities loan arrangement; but

(ii) have not yet been repurchased by the entity under the agreement or arrangement.