Income Tax Assessment Act 1997
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Hide history noteSECTION 820-980 Records about arm ' s length debt amount and arm ' s length capital amount
[ CCH Note: S 820-980 heading will be amended by No 23 of 2024, s 3 and Sch 2 item 112, by omitting " arm ' s length debt amount and " , effective 1 July 2024. For application provisions, see note under s 705-60 .]
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.
[ CCH Note: S 820-980(1) will be amended by No 23 of 2024, s 3 and Sch 2 item 113, by omitting " *arm ' s length debt amount or " , effective 1 July 2024. For application provisions, see note under s 705-60 .]
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.
[ CCH Note: S 820-980(2) will be amended by No 23 of 2024, s 3 and Sch 2 item 114, by omitting " 820-105, 820-215, " , effective 1 July 2024. For application provisions, see note under s 705-60 .]
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) .
[
CCH Note:
S 820-985 will be inserted by No 23 of 2024, s 3 and Sch 2 item 115, effective 1 July 2024. For application provisions, see note under s
705-60
. S 820-985 will read:
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).
SECTION 820-985 Records about group ratio
820-985(1)
An entity must keep records under this section for a group ratio that the entity worked out for the purposes of this Division.
820-985(2)
The records must:
(a)
contain particulars that have been taken into account in working out the *group ratio; and
(b)
be sufficient for a reasonable person to understand how the group ratio has been worked out.
820-985(3)
The entity must prepare the records before the earlier of the following times:
(a)
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;
(b)
the time at which the entity lodges its *income tax return for that income year.
Note:
]
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