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

32   Subsection 128F(9)

Insert:

company includes a company in the capacity of trustee of a resident trust estate if:

(a) the trust is not established by a will, or instrument of trust, for public charitable purposes; and

(b) the only person who is capable (whether by the exercise of a power of appointment or otherwise) of benefiting under the trust is a company other than a company in the capacity of trustee.