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

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

Part 6   Premium excess amount

Income Tax Assessment Act 1997

52   Subsection 820-920(3) (step 2 of the method statement)

Repeal the step, substitute:

Step 2. Work out the value, as at that time, of all the *equity capital of the *associate entity that is attributable to *equity interests that the relevant entity holds in the associate entity at that time (except equity interests whose value is all or a part of the relevant entity's *controlled foreign entity equity at that time).