INCOME TAX ASSESSMENT ACT 1997 (ARCHIVE)

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 820 - Thin capitalisation rules  

Subdivision 820-F - Thin capitalisation rules for resident TC groups  

Operative provisions

SECTION 820-470 (ARCHIVE)   Values to be based on what would be in consolidated accounts for group  

820-470(1)    
For the purposes of this Division as applying because of this Subdivision to a *resident TC group for an income year, the value or amount of a particular matter as at a particular time is to be worked out, so far as practicable, on the basis of the information that would be contained in a set of consolidated accounts:

(a) prepared, in accordance with the *accounting standard on consolidated accounts, as at that time; and

(b) covering the entities of which the group consisted at that time.

Note:

This subsection does not depend on whether such a set of consolidated accounts was prepared, or had to be prepared, for other purposes.

820-470(2)    
To avoid doubt, subsection (1) also applies to working out the value or amount, as at a particular time, of a matter mentioned in any of sections 820-550 to 820-575 (for example, an entity's tier 1 capital (within the meaning of the *prudential standards) or *paid-up share capital).