Taxation Laws Amendment Act (No. 5) 2003 (142 of 2003)

Schedule 2   Thin Capitalisation: amendments taking effect on 1 July 2002

Part 4   Adjusted average equity capital for grouping purposes

Income Tax Assessment Act 1997

39   At the end of section 820-589

Add:

(4) The amounts referred to in paragraphs (3)(a) and (b) are to be worked out, so far as practicable, on the basis of the information that would be contained in a set of consolidated accounts:

(a) prepared, in accordance with the *accounting standard on consolidated accounts, as at the end of that day; and

(b) covering the *members of the group as at the end of that day.

Note: This subsection does not depend on whether such a set of consolidated accounts was prepared, or had to be prepared, for other purposes.