Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 (70 of 2015)
Schedule 3 Offshore banking units
Part 4 Eligible OB activities
Income Tax Assessment Act 1936
32 After section 121DA
121DB Meaning of OB eligible contract activity
An OB eligible contract activity is entering into an eligible contract (other than a loan contract that is not a securities lending or repurchase arrangement) with:
(a) an offshore person; or
(b) if the eligible contract is a non-deliverable forward foreign currency contract - any person.
121DC Meaning of OB advisory activity
(1) An OB advisory activity is giving investment or other financial advice to an offshore person, including advice about disposing of an investment.
(2) Giving advice about the making of a particular investment is not an OB advisory activity unless the investment is of a kind mentioned in subsection 121D(6) (Investment activity).
(3) Subsection (2) does not exclude giving advice about a particular investment of a different kind if doing so is incidental to advising on an investment of a kind mentioned in subsection 121D(6) (for example for the purpose of comparison or because the investments are commercially related).
(4) To avoid doubt, for the purposes of this section, advice about disposing of an investment is not advice about the making of the investment.
121DD Meaning of OB leasing activity
(1) An OB leasing activity is leasing activity with an offshore person involving offshore property.
(2) Without limiting subsection (1), OB leasing activity includes entering into:
(a) any arrangement (within the meaning of section 51AD) under which a right to use offshore property is granted by the owner to another person; or
(b) any arrangement (within the meaning of that section) under which a right to use offshore property, being a right derived directly or indirectly from a right mentioned in paragraph (a) in relation to the property, is granted by a person to another person;
with an offshore person.