Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 (70 of 2015)

Schedule 3   Offshore banking units

Part 4   Eligible OB activities

Income Tax Assessment Act 1936

24   Paragraphs 121D(3)(a) and (b)

Repeal the paragraphs, substitute:

(a) providing a guarantee or letter of credit to an offshore person in relation to activities that are, or will be, conducted:

(i) wholly outside Australia; or

(ii) in Australia to an extent that is not material; or

(b) underwriting a risk for an offshore person in respect of:

(i) offshore property; or

(ii) an event, if the likelihood of the event happening in Australia is not material; or