Income Tax Assessment Act 1997
CHAPTER 4
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INTERNATIONAL ASPECTS OF INCOME TAX
An entity must keep records under this section for an *arm ' s length debt amount or *arm ' s length capital amount that the entity worked out for the purposes of this Division. 820-980(2)
The records must contain particulars about the factual assumptions and relevant factors mentioned in section 820-105 , 820-215 , 820-315 or 820-410 (as appropriate) that have been taken into account in working out that amount. 820-980(3)
The entity must prepare the records before the time by which the entity must lodge its *income tax return for the income year in relation to all or a part of which the amount is worked out.
PART 4-5
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GENERAL
Division 820
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Thin capitalisation rules
Subdivision 820-L
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Record keeping requirements
Records about arm's length amounts
SECTION 820-980
Records about arm
'
s length debt amount and arm
'
s length capital amount
820-980(1)
An entity must keep records under this section for an *arm ' s length debt amount or *arm ' s length capital amount that the entity worked out for the purposes of this Division. 820-980(2)
The records must contain particulars about the factual assumptions and relevant factors mentioned in section 820-105 , 820-215 , 820-315 or 820-410 (as appropriate) that have been taken into account in working out that amount. 820-980(3)
The entity must prepare the records before the time by which the entity must lodge its *income tax return for the income year in relation to all or a part of which the amount is worked out.
Note:
A person must comply with the requirements in section 262A of the Income Tax Assessment Act 1936 about the keeping of these records (see subsections (2AA) and (3) of that section) .
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