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

Schedule 2   Dictionary amendments

Income Tax Assessment Act 1997

71   Subsection 995-1(1)

Insert:

worldwide debt , of an entity and at a particular time, means the total of the following amounts:

(a) all the *debt interests issued by the entity:

(i) to entities other than any *Australian controlled foreign entities (the controlled entities ) of which the entity is an *Australian controller at that time; and

(ii) that are still *on issue at that time;

(b) all the debt interests issued by the controlled entities:

(i) to entities other than the entity or other controlled entities; and

(ii) that are still *on issue at that time.