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

79   Subsections 820-583(1) and (2)

Repeal the subsections, substitute:

General class investor

(1) The *head company of a *consolidated group or of a *MEC group is a general class investor for a period that is all or part of an income year if:

(a) for that period, the head company satisfies the requirement in subsection 820-46(2); and

(b) no *member of the group is a *financial entity or *ADI at any time during that period.