Taxation Laws Amendment Act (No. 2) 1999 (93 of 1999)

Schedule 1   Australia as a regional financial centre

Part 1   OBUs, withholding tax and thin capitalisation

Income Tax Assessment Act 1936

34   After sub-subparagraph 159GZG(1)(d)(i)(B)

Insert:

(C) if all of the shares in the financial institution are beneficially owned, directly or indirectly, by a foreign bank that carries on a banking business through an Australian branch - proceeds of debentures issued by the financial institution that are covered by section 128F that are made available by the financial institution to the Australian branch for use in its Australian business;