New International Tax Arrangements (Foreign-owned Branches and Other Measures) Act 2005 (64 of 2005)

Schedule 3   Australian permanent establishments of foreign financial entities

Part 2   Transfers of losses

Income Tax Assessment Act 1997

7   At the end of subsection 170-5(2A)

Add:

Note: This Subdivision applies to Australian permanent establishments of foreign entities that are financial entities in the same way as it applies to Australian branches of foreign banks. See section 170-75.