Taxation Laws Amendment Act (No. 5) 2003 (142 of 2003)

Schedule 1   Thin Capitalisation: amendments taking effect on 1 July 2001

Part 5   Arrangements for borrowing securities

Income Tax Assessment Act 1997

22   Subsection 820-942(1) (step 1 of the method statement)

Repeal the step, substitute:

Step 1. Work out the total value, as at that particular time, of all the assets of the entity that represent *debt interests that:

(a) are of a kind commonly dealt in by entities that carry on a *business of dealing in securities; and

(b) the entity has sold under a reciprocal purchase agreement (otherwise known as a repurchase agreement), sell-buyback arrangement or securities loan arrangement; and

(c) the entity has not yet repurchased under the agreement or arrangement.