Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 775 - Foreign currency gains and losses  

Subdivision 775-C - Roll-over relief for facility agreements  

Operative provisions

SECTION 775-185  

775-185   What is a facility agreement ?  

A facility agreement is an agreement between an entity (the first entity ) and another entity or entities under which:

(a) the first entity has a right to issue * eligible securities; and

(b) an entity or entities must acquire the securities;

where the economic effect of the agreement is to enable the first entity to obtain finance in a particular * foreign currency:

(c) up to the foreign currency amount specified in the agreement; and

(d) during the term of the agreement.