Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Act 2019 (65 of 2019)

Schedule 1   Thin capitalisation

Part 2   Application and transitional provisions

17   Revaluation of assets

(1) The amendments made by items 1 to 3 and items 8 to 16 of this Schedule apply in relation to any of the following carried out for the purposes of Division 820 of the Income Tax Assessment Act 1997 after 7.30 pm, by legal time in the Australian Capital Territory, on 8 May 2018 (the transition time ):

(a) a determination that an asset or liability is an asset or liability of an entity (including a determination that the entity has an asset or liability at a particular time);

(b) a calculation of:

(i) the value of an entity's assets; or

(ii) the value of an entity's liabilities (including its debt capital); or

(iii) the value of an entity's equity capital.

(2) If any of the matters mentioned in subitem (1) have been determined or calculated before the transition time:

(a) only the most recent of those determinations or calculations that comply with Division 820 of the Income Tax Assessment Act 1997, as in force at the time the determination or calculation was made, may be used by the entity for the purposes of that Division on or after the transition time; and

(b) those determinations or calculations may only be used by the entity for the purposes of Division 820 of that Act for income years beginning before 1 July 2019.