New Business Tax System (Thin Capitalisation) Act 2001 (162 of 2001)

Schedule 1   Thin capitalisation rules

Part 3   Application provisions

25   Application - section 160ZZZJ and related provisions of the Income Tax Assessment Act 1936

(1) The amendments of sections 160ZZW and 160ZZZJ of the Income Tax Assessment Act 1936 made by this Schedule applies only to an amount of interest taken under section 160ZZZA of that Act to be paid to, and derived by, a foreign bank during an income year that begins on or after 1 July 2001.

(2) Despite the repeals of sections 160ZZZB and 160ZZZD of the Income Tax Assessment Act 1936 by this Schedule, those sections continue to apply in relation to an amount of interest taken under section 160ZZZA of that Act to be paid to, and derived by, a foreign bank during an income year that began before 1 July 2001.