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

Schedule 2   Dictionary amendments

Income Tax Assessment Act 1997

72   Subsection 995-1(1)

Insert:

worldwide equity , of an entity and at a particular time, means the total of the following amounts:

(a) all the *equity capital of the entity as at that time, other than *paid-up share capital of the entity held by *Australian controlled foreign entities (the controlled entities ) of which the entity is an *Australian controller at that time;

(b) all the equity capital of the controlled entities as at that time, other than paid-up share capital of the controlled entities held by:

(i) the entity; or

(ii) other controlled entities.