Income Tax Assessment Act 1997
CHAPTER 4
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INTERNATIONAL ASPECTS OF INCOME TAX
PART 4-5
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GENERAL
Division 820
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Thin capitalisation rules
Subdivision 820-A
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Preliminary
SECTION 820-32
820-32
Exemption for private or domestic assets and non-debt liabilities
This Division does not apply to: (a) an asset that is used (or held for use) wholly or principally for private or domestic purposes; or (b) a *non-debt liability that is wholly or principally of a private or domestic nature.
View history note
Hide history noteThis Division does not apply to: (a) an asset that is used (or held for use) wholly or principally for private or domestic purposes; or (b) a *non-debt liability that is wholly or principally of a private or domestic nature.
[ CCH Note: S 820-32 will be amended by No 23 of 2024, s 3 and Sch 2 item 16, by inserting " (1) " before " This Division " , effective 1 July 2024. For application provisions, see note under s 705-60 .]
[ CCH Note: S 820-32(2) will be inserted by No 23 of 2024, s 3 and Sch 2 item 17, effective 1 July 2024. For application provisions, see note under s 705-60 . S 820-32(2) will read:
]
820-32(2)
Subsection (1) does not apply in relation to the following:
(a) Subdivision 820-EAA ;
(b) any other provision in this Division, to the extent that it relates to that Subdivision.
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