INCOME TAX ASSESSMENT ACT 1936

PART III - LIABILITY TO TAXATION  

Division 9A - Offshore banking units  

Subdivision B - Interpretation  

SECTION 121EE   DEFINITIONS RELATING TO ASSESSABLE INCOME OF AN OBU  

121EE(1)   Purpose of section.  

This section sets out certain definitions used in this Division that relate to the assessable income of an OBU of a year of income.

Assessable OB income

121EE(2)  


The assessable OB income of an OBU is so much of the OBU ' s OB income of the year of income as is assessable income.

121EE(3)  
(Repealed by No 70 of 2015)

121EE(3A)  
(Repealed by No 70 of 2015)

121EE(4)   Adjusted assessable OB income.  

The adjusted assessable OB income of an OBU is the OBU's assessable OB income of the year of income reduced by the sum of the OBU's exclusive OB deductions for interest (including a discount in the nature of interest).

121EE(5)   Adjusted total assessable income.  

The adjusted total assessable income of an OBU is the OBU's assessable income of the year of income reduced by the sum of the OBU's exclusive OB deductions, and exclusive non-OB deductions, for interest (including a discount in the nature of interest).


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