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
79 Subsections 820-583(1) and (2)
Repeal the subsections, substitute:
General class investor
(1) The *head company of a *consolidated group or of a *MEC group is a general class investor for a period that is all or part of an income year if:
(a) for that period, the head company satisfies the requirement in subsection 820-46(2); and
(b) no *member of the group is a *financial entity or *ADI at any time during that period.