INCOME TAX ASSESSMENT ACT 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 820 - Thin capitalisation rules  

Subdivision 820-A - Preliminary  

SECTION 820-32   820-32   Exemption for private or domestic assets and non-debt liabilities  

This Division does not apply to:

(a) an asset that is used (or held for use) wholly or principally for private or domestic purposes; or

(b) a *non-debt liability that is wholly or principally of a private or domestic nature.