PART III
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LIABILITY TO TAXATION
Division 9A
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Offshore banking units
History
Div 9A inserted by No 191 of 1992. Former Div 9A (Friendly Society Dispensaries) repealed by No 154 of 1981.
Subdivision B
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Interpretation
SECTION 121EE
DEFINITIONS RELATING TO ASSESSABLE INCOME OF AN OBU
121EE(1)
Purpose of section.
This section sets out certain definitions used in this Division that relate to the assessable income of an OBU of a year of income.
Assessable OB income
121EE(2)
The
assessable OB income
of an OBU is so much of the OBU
'
s OB income of the year of income as is assessable income.
History
S 121EE(2) substituted by No 70 of 2015, s 3 and Sch 3 item 14, applicable in relation to years of income starting on or after 1 July 2015. S 121EE(2) formerly read:
121EE(2)
Assessable OB income.
Subject to subsection (3A), the
assessable OB income
of an OBU is so much of the OBU's assessable income (other than amounts included under Part
3-1
of the
Income Tax Assessment Act 1997
) of the year of income as is:
(a)
derived from OB activities of the OBU or the part of the OBU to which paragraph
121EB(1)(c)
applies; or
(b)
included in the assessable income because of such activities;
except to the extent that the money lent, invested or otherwise used in carrying on the activities is non-OB money of the OBU.
S 121EE(2) amended by No 46 of 1998 and No 76 of 1996.
121EE(3)
(Repealed by No 70 of 2015)
History
S 121EE(3) repealed by No 70 of 2015, s 3 and Sch 3 item 14, applicable in relation to years of income starting on or after 1 July 2015. S 121EE(3) formerly read:
121EE(3)
Typical example of amount excluded from assessable OB income.
A typical example of an amount covered by the exception in subsection (2) is interest derived from the OB activity of lending money to an offshore person, where the money lent is non-OB money.
121EE(3A)
(Repealed by No 70 of 2015)
History
S 121EE(3A) repealed by No 70 of 2015, s 3 and Sch 3 item 14, applicable in relation to years of income starting on or after 1 July 2015. S 121EE(3A) formerly read:
121EE(3A)
Reduction of assessable OB income because of certain investment activities.
If OB activities of the OBU or the part of the OBU to which paragraph
121EB(1)(c)
applies include an investment activity within the meaning of subsection
121D(6A)
or
(6B)
, any assessable income derived from the investment activity that would otherwise be taken into account under subsection (2) is reduced by the average Australian asset percentage (within the meaning of subsection
121DA(2)
) of the portfolio investment concerned.
S 121EE(3A) amended by No 93 of 1999 and inserted by No 76 of 1996.
121EE(4)
Adjusted assessable OB income.
The
adjusted assessable OB income
of an OBU is the OBU's assessable OB income of the year of income reduced by the sum of the OBU's exclusive OB deductions for interest (including a discount in the nature of interest).
121EE(5)
Adjusted total assessable income.
The
adjusted total assessable income
of an OBU is the OBU's assessable income of the year of income reduced by the sum of the OBU's exclusive OB deductions, and exclusive non-OB deductions, for interest (including a discount in the nature of interest).
History
S 121EE inserted by No 191 of 1992.
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