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This information will help us to identify if there is a risk that a transaction has occurred to which section 47A of the ITAA 1936 would apply.
When a CFC resident in an unlisted country provides, either directly or indirectly, an eligible benefit to an associated entity, section 47A can apply to deem that benefit a dividend.
Unless otherwise specified, the terms in this question have the same meaning as set out in section 47A of the ITAA 1936.
Broadly, a benefit is defined in section 47A to include the following:
- a waiver or release of an obligation to pay or repay an amount (waiver of debts)
- the granting of a non-arm's length loan
- transfers of property or services for no or inadequate consideration
- the payment of a call on an allotment of shares
- share or unit acquisitions for non-arms length consideration.
Last modified: 09 Nov 2011QC 24292
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