INCOME TAX ASSESSMENT ACT 1936

PART IIIB - AUSTRALIAN BRANCHES OF FOREIGN BANKS  

Division 2 - Provisions relating to income tax  

SECTION 160ZZZE   160ZZZE   NOTIONAL DERIVATIVE TRANSACTIONS BETWEEN BRANCH AND BANK  


If the accounting records of an Australian branch of a foreign bank reflect a derivative transaction notionally entered into by the branch with the bank:


(a) the notional transaction is taken to be a transaction entered into by the branch with the bank; and


(b) any amount entered in the branch's accounting records as a payment or receipt in respect of the notional transaction is taken, for the purposes of this Act, to be an amount paid or received by the branch, as the case may be, in respect of the derivative transaction when the amount was so entered.


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