Treasury Laws Amendment (Making Multinationals Pay Their Fair Share - Integrity and Transparency) Act 2024 (23 of 2024)

Schedule 2   Thin capitalisation

Part 1   Amendments

Income Tax Assessment Act 1997

122   Subsection 995-1(1) (paragraph (a) of the definition of financial entity)

Repeal the paragraph, substitute:

(a) an entity that:

(i) is a registered corporation under the Financial Sector (Collection of Data) Act 2001; and

(ii) at the particular time, carries on a *business of providing finance, but not predominantly for the purposes of providing finance directly or indirectly to, or on behalf of, the entity's associates; and

(iii) in the income year in which the particular time occurs, derives all, or substantially all, of its profits from that business;