Income Tax Assessment Act 1997



Division 820 - Thin capitalisation rules  

Subdivision 820-FB - Grouping branches of foreign banks and foreign financial entities with a consolidated group, MEC group or single Australian resident company  

Effect of choice

SECTION 820-611   Values to be based on what would be in consolidated accounts for group  

For the purposes of this Division as applying because of this Subdivision, the value or amount of a particular matter as at a particular time during the grouping period is to be worked out, so far as practicable, on the basis of the information that would be contained in a set of consolidated accounts:

(a) prepared, in accordance with the *accounting standard on consolidated accounts, as at that time; and

(b) covering the *consolidated group, *MEC group or single company, as appropriate, and each *Australian permanent establishment that section 820-603 treats as part of the *head company or single company at that time.


This subsection does not depend on whether such a set of consolidated accounts was prepared, or had to be prepared, for other purposes.


To avoid doubt, subsection (1) also applies to working out the value or amount, as at a particular time, of a matter mentioned in any of sections 820-613 to 820-615 .


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