Tax Laws Amendment (2010 Measures No. 3) Act 2010 (90 of 2010)
Schedule 2 Thin capitalisation
Income Tax Assessment Act 1997
6 At the end of section 820-310
Add:
(2) VBIF is the value of business in force at the time of acquisition of the relevant subsidiary (within the meaning of paragraph 5.3 of *accounting standard AASB 1038, as issued on 17 November 1998) of the entity.
(3) *VBIF is taken to be nil at all times unless the value of VBIF at the time of acquisition of the relevant subsidiary was worked out by an *actuary according to Australian actuarial practice.
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