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.