Income Tax Assessment Act 1997

[ CCH Note: S 820-1 will be amended by No 23 of 2024, s 3 and Sch 2 item 11, by substituting " Financing expenses that an entity can otherwise deduct from its assessable income may be disallowed under this Division where the entity is " thinly capitalised " for " Financing expenses that an entity can otherwise deduct from its assessable income may be disallowed under this Division in the following circumstances: • for an entity that is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (an ADI ) - the entity ' s debt exceeds the prescribed level (and the entity is therefore " thinly capitalised " ); • for an entity that is an ADI - the entity ' s capital is less than the prescribed level (and the entity is therefore " thinly capitalised " ). " , effective 1 July 2024. For application provisions, see note under s 705-60 .]