Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 820 - Thin capitalisation rules  

Subdivision 820-AA - Thin capitalisation rules for general class investors  

Operative provisions

SECTION 820-58   FRT disallowed amount is treated as zero where subsequent choice means fixed ratio test does not apply  

820-58(1)    
Subsection (2) applies if:

(a)    an entity has not made a choice under subsection 820-46(3) or (4) in relation to an income year; and

(b)    the entity makes a choice under subsection 820-46(3) or (4) in relation to a subsequent income year.

820-58(2)    
Despite section 820-57 , for the purpose of applying section 820-56 in respect of that subsequent income year and later income years, treat the entity as having a * FRT disallowed amount of zero for every income year before that subsequent income year.