Income Tax Assessment Act 1936
(a) to assist in calculating that part of a foreign bank's taxable income that is referable to certain activities of its Australian branch; and
(b) to make it clear that withholding tax will apply to amounts that are taken by this Part to be interest paid by the branch to the bank.
This Part also:
(a) applies to foreign entities that are financial entities in the same way as it applies to foreign banks; and
(b) applies to permanent establishments in Australia of foreign entities that are financial entities in the same way as it applies to Australian branches of foreign banks.
See Division 4 .
For the purpose of achieving the object mentioned in subsection (1), this Part requires, in the circumstances stated in this Part and not otherwise, that the Australian branch is to be treated as if it were a separate legal entity from the bank.