Treasury Laws Amendment (Making Multinationals Pay Their Fair Share - Integrity and Transparency) Act 2024 (23 of 2024)

Schedule 2   Thin capitalisation

Part 1   Amendments

Income Tax Assessment Act 1997

109   Subsection 820-920(4) (method statement, step 1)

Repeal the step, substitute:

Step 1. Work out the *safe harbour debt amount of the *associate entity for the day during which that particular time occurs, as if the associate entity were an *outward investing financial entity (non-ADI) or *inward investing financial entity (non-ADI), as appropriate, for the period consisting only of that day.