Taxation Laws Amendment Act (No. 4) 2002 (53 of 2002)

Schedule 1   Thin capitalisation

Part 1   Amendments

Income Tax Assessment Act 1997

20   Section 820-220 (definition of average debt )

Repeal the definition, substitute:

average debt means the sum of:

(a) the average value, for the income year, of the entity's *debt capital that is covered by step 1 of the method statement in subsection 820-185(3); and

(b) the average value, for that year, of the entity's *cost-free debt capital that is covered by step 4 of that method statement.


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