Taxation Laws Amendment Act (No. 2) 1999 (93 of 1999)

Schedule 1   Australia as a regional financial centre

Part 1   OBUs, withholding tax and thin capitalisation

Income Tax Assessment Act 1936

25   After subsection 128AE(2)

Insert:

(2AA) The Treasurer may, on written application by a company, make a written determination that the company is an OBU.

(2AB) The determination must:

(a) specify the day when the company commences to be an OBU; and

(b) contain any other information the Treasurer considers appropriate.

(2AC) A determination of the Treasurer under subsection (2AA) must be made in accordance with guidelines determined by the Treasurer under subsection (2AD).

(2AD) The Treasurer must determine written guidelines for the making of determinations under subsection (2AA). The guidelines may require the Treasurer to take into account:

(a) specified criteria; or

(b) recommendations of particular bodies; or

(c) any other factors.

(2AE) Determinations made under subsection (2AD) are disallowable instruments for the purposes of section 46A of theActs Interpretation Act 1901.