Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

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Chapter 4 inserted by No 162 of 2001.

PART 4-5 - GENERAL  

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Part 4-5 inserted by No 162 of 2001.

Division 820 - Thin capitalisation rules  

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Division 820 inserted by No 162 of 2001.

Subdivision 820-FB - Grouping branches of foreign banks and foreign financial entities with a consolidated group, MEC group or single Australian resident company  

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Subdiv 820-FB (heading) substituted by No 64 of 2005.

Subdiv 820-FB inserted by No 117 of 2002. For application provision see Div 820 of the Income Tax (Transitional Provisions) Act 1997 .

SECTION 820-595   What this Subdivision is about  

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If:

(a) the head company of a consolidated group or MEC group; or

(b) an Australian company that cannot consolidate;

is a member of the same wholly-owned group as a foreign bank or foreign financial entity, the company can choose to treat as part of itself the Australian branches of the foreign bank or foreign financial entity, affecting how the rest of this Division applies.

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History

S 820-595 substituted by No 64 of 2005; amended by No 21 of 2005.

S 820-595 inserted by No 117 of 2002. For application provision see Div 820 of the Income Tax (Transitional Provisions) Act 1997 .

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