Income Tax Assessment Act 1936
The following is a simplified outline of the Division.121B(2) Main concepts.
Subdivision B sets out the concepts used in the Division, the most important being:(a) 121D , 121EA and 121EAA ) together with the related definition of offshore person (section 121E ); and (b) 121EDA to 121EF ).
Subdivision C contains the operative provisions. Basically, they provide as follows:
(a) (Repealed by No 110 of 2021)
(b) (Repealed by No 110 of 2021)
(c) (Repealed by No 143 of 2007 ) (d) (e) a deemed interest penalty applies to equity provided by an OBU's resident owner; (f) income of OBU offshore investment trusts is exempt from tax; (g) (h)