Income Tax Assessment Act 1997
SECTION 820-610 Choice not to be outward investing entity (ADI) or inward investing entity (ADI) 820-610(1)
This section applies if: (a) apart from this section, the *head company or single company would, under section 820-609 , be an *outward investing entity (ADI) or an *inward investing entity (ADI) for the trial period; and (b) at all times in the trial period, each of the following entities that is an *ADI is a *specialist credit card institution:
(i) the head company or single company;
(ii) an establishment entity whose *Australian permanent establishments the head company or single company has chosen under section 820-597 or 820-599 to have treated as part of the company for the period.
820-610(2)
The *head company or single company is an outward investing entity (non-ADI) and an outward investor (financial) for the trial period if: (a) apart from this section, the company would, under section 820-609 , be an *outward investing entity (ADI) for the trial period; and (b) the company chooses, before lodging its *income tax return for the income year including the trial period, to be an outward investing entity (non-ADI) and an outward investor (financial) for that period.
[ CCH Note: S 820-610(2) will be amended by No 23 of 2024, s 3 and Sch 2 items 93 and 94, by substituting " is an outward investing financial entity (non-ADI) " for " is an outward investing entity (non-ADI) and an outward investor (financial) " and " to be an outward investing financial entity (non-ADI) " for " to be an outward investing entity (non-ADI) and an outward investor (financial) " in para (b), effective 1 July 2024. For application provisions, see note under s 705-60 .]
820-610(3)
The *head company or single company is an inward investing entity (non-ADI) and an inward investment vehicle (financial) for the trial period if: (a) apart from this section, the company would, under section 820-609 , be an *inward investing entity (ADI) for the trial period; and (b) the company chooses, before lodging its *income tax return for the income year including the trial period, to be an inward investing entity (non-ADI) and an inward investment vehicle (financial) for that period.
[ CCH Note: S 820-610(3) will be amended by No 23 of 2024, s 3 and Sch 2 items 95 and 96, by inserting " financial " after " investing " and " financial " after " investing " in para (b), effective 1 July 2024. For application provisions, see note under s 705-60 .]
820-610(4)
This section has effect despite sections 820-85 , 820-185 and 820-609 .
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.