INCOME TAX ASSESSMENT ACT 1936

PART IIIB - AUSTRALIAN BRANCHES OF FOREIGN BANKS  

Division 4 - Extension of Part to Australian branches of foreign financial entities  

SECTION 160ZZZK   TREATMENT LIKE AUSTRALIAN BRANCHES OF FOREIGN BANKS  

160ZZZK(1)   Objects.  

The main objects of this section are:


(a) to treat foreign entities that are financial entities like foreign banks for the purposes of this Part; and


(b) to treat Australian permanent establishments of foreign entities that are financial entities like Australian branches of foreign banks for the purposes of this Part.

160ZZZK(2)   Foreign financial entities treated like foreign banks.  

This Part (except this Division) applies to a foreign entity that is a financial entity in the same way as this Part applies to a foreign bank.

160ZZZK(3)   Australian permanent establishments treated like Australian branches.  

This Part (except this Division) applies to a permanent establishment in Australia of a foreign entity that is a financial entity in the same way as this Part applies to an Australian branch of a foreign bank.

160ZZZK(4)   Definitions.  

In this section:

financial entity
has the meaning given by section 995-1 of the Income Tax Assessment Act 1997 .

foreign entity
has the meaning given by section 995-1 of the Income Tax Assessment Act 1997 .


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