Income Tax Assessment Act 1997

Chapter 4 inserted by No 162 of 2001.

Part 4-5 inserted by No 162 of 2001.

Division 820 inserted by No 162 of 2001.

Subdiv 820-FB (heading) substituted by No 64 of 2005.

Subdiv 820-FB inserted by No 117 of 2002. For application provision see Div 820 of the Income Tax (Transitional Provisions) Act 1997 .

S 820-617 repealed by No 101 of 2006, s 3 and Sch 3 item 18, effective 1 January 2008. S 820-617 formerly read:

SECTION 820-617 Effect on safe harbour capital amount if single company is foreign-controlled Australian ADI and on-lends section 128F amounts  
820-617(1)
In the case of a choice under section 820-599 , this section has effect for the purposes of working out the *safe harbour capital amount of the single company for a period (the test period ) that is all or part of the grouping period, if:

(a) throughout the test period, the single company is both a *wholly-owned subsidiary of a *foreign bank and an *ADI; and

(b) the single company has:

(i) issued *debentures or *debt interests covered by section 128F (which exempts interest on the debentures or debt interests from withholding tax) of the Income Tax Assessment Act 1936 ; and

(ii) made proceeds of the debentures or debt interests available to an *Australian permanent establishment of the foreign bank, as loans to the Australian permanent establishment, for use in its Australian business;

unless that or another choice by the single company under section 820-599 covers the Australian permanent establishment in relation to some or all of that period.

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History

S 820-617(1) amended by No 41 of 2005; No 21 of 2005.

820-617(2)
The single company ' s *risk-weighted assets at a particular time during the test period are reduced by the total amounts of proceeds of the *debentures or *debt interests that are at that time so made available by the single company.

820-617(3)
This section applies only to the 2002-2003 income year and to each of the next 3 income years.

S 820-617 inserted by No 117 of 2002. For application provision see Div 820 of the Income Tax (Transitional Provisions) Act 1997 .