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

Schedule 2   Thin Capitalisation: amendments taking effect on 1 July 2002

Part 4   Adjusted average equity capital for grouping purposes

Income Tax Assessment Act 1997

35   Subsection 820-562(3)

Repeal the subsection (but not the note or the table), substitute:

(3) The amount worked out under this subsection as at a particular day is:

(a) the total of the amounts worked out under the table below for each member of the group that is covered by an item in the table and is in the group on that day (except so much of that total as is attributable to any of the *overseas permanent establishments of such members); minus

(b) the total of the *controlled foreign equity, at the end of that day, of each member of the group that is in the group on that day (except so much of that total as is attributable to any of the overseas permanent establishments of such members).