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

89   Paragraph 820-609(1)(b)

Repeal the paragraph, substitute:

(b) apart from this Subdivision, the head company or single company:

(i) would be an *outward investing financial entity (non-ADI) for the trial period; and

(ii) at least one of the *Australian permanent establishments is a *permanent establishment through which a *foreign bank carries on banking *business in Australia.