New Business Tax System (Thin Capitalisation) Act 2001 (162 of 2001)
Schedule 2 Dictionary amendments
Income Tax Assessment Act 1997
29 Subsection 995-1(1)
Insert:
equity capital , of an entity and at a particular time, means:
(a) if the entity is a company that is not an *outward investing entity (ADI) at that time:
(i) the total value of the entity's *paid-up share capital, retained earnings, general reserves and asset revaluation reserves as at that time; minus
(ii) the value of the entity's *debt capital that is part of the entity's paid-up share capital at that time; or
(b) if the entity is a company that is an outward investing entity (ADI) at that time:
(i) the total value of all the entity's tier 1 capital (within the meaning of the *prudential standards) as at that time; minus
(ii) the value of the entity's debt capital that is part of the entity's tier 1 capital at that time; or
(c) if the entity is a trust or partnership at that time:
(i) the total value of the entity's capital and reserves as at that time; minus
(ii) the value of the entity's debt capital that is part of the entity's capital at that time.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
