Taxation Laws Amendment Act (No. 3) 1994 (138 of 1994)
Part 2 AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936
Division 14 Australian branches of foreign banks
114 Keeping of records
Section 262A of the Principal Act is amended by inserting after subsection (1A) the following subsection:
"(1B) Without limiting subsection (1), a foreign bank (within the meaning of subsection 5(1) of the Banking Act 1959) must maintain accounting records in respect of, and separately account for, money used in the activities of a permanent establishment in Australia through which the bank carries on banking business.".
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