New Business Tax System (Thin Capitalisation) Act 2001 (162 of 2001)

Schedule 1   Thin capitalisation rules

Part 2   Consequential and other amendments

Income Tax Assessment Act 1997

19   Subsection 995-1(1) (paragraph (c) of the definition of financial entity )

Repeal the paragraph, substitute:

(c) an entity that:

(i) is a financial services licensee within the meaning of the Corporations Act 2001 whose licence covers dealings in financial products mentioned in paragraphs 764A(1)(a), (b) and (j) of that Act; and

(ii) carries on a *business of dealing in securities; and

(iii) does not carry on that business predominantly for the purposes of dealing in securities with, or on behalf of, the entity's *associates.