Taxation Laws Amendment Act (No. 4) 2002 (53 of 2002)
Schedule 1 Thin capitalisation
Part 1 Amendments
Income Tax Assessment Act 1997
3 After section 820-30
Insert:
820-32 Exemption for private or domestic assets and non-debt liabilities
This Division does not apply to:
(a) an asset that is used (or held for use) wholly or principally for private or domestic purposes; or
(b) a *non-debt liability that is wholly or principally of a private or domestic nature.