Treasury Laws Amendment (Making Multinationals Pay Their Fair Share - Integrity and Transparency) Act 2024 (23 of 2024)

Schedule 2   Thin capitalisation

Part 1   Amendments

Income Tax Assessment Act 1997

20   Paragraphs 820-37(1)(a) and (b)

Repeal the paragraphs, substitute:

(a) either:

(i) the entity is an *outward investing financial entity (non-ADI) or an *outward investing entity (ADI) for a period that is all or any part of that year (and is not a *general class investor for that year); or

(ii) assuming that the entity were a *financial entity for all of that year, it would be, for all of that year, an outward investing financial entity (non-ADI) and not an inward investing financial entity (non-ADI); and

(b) the entity is not also an *inward investing financial entity (non-ADI) or an *inward investing entity (ADI) for all or any part of that year; and