Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 974 - Debt and equity interests  

Subdivision 974-B - Debt interests  

SECTION 974-30   Providing a financial benefit  


Issue of equity interest

974-30(1)    
The following do not constitute the provision of a *financial benefit by an entity or a *connected entity of the entity:


(a) the issue of an *equity interest in the entity or a connected entity of the entity; or


(b) an amount that is to be applied in respect of the issue of an equity interest in the entity or a connected entity of the entity.

Providing a financial benefit to an entity

974-30(2)    
A *financial benefit is taken to be provided to an entity if it is provided:


(a) to the entity; or


(b) on the entity's behalf; or


(c) for the entity's benefit.

Obligation to provide future financial benefit

974-30(3)    
For the avoidance of doubt, if you have a present obligation to provide a *financial benefit to an entity at some time in the future:


(a) the financial benefit is taken to be a financial benefit to be provided in the future; and


(b) the obligation to provide the financial benefit is taken not to be a financial benefit being provided at the present.


 

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