Taxation Laws Amendment Act (No. 2) 1999 (93 of 1999)
Schedule 1 Australia as a regional financial centre
Part 1 OBUs, withholding tax and thin capitalisation
Income Tax Assessment Act 1936
32 Subsection 128F(9)
Insert:
company includes a company in the capacity of trustee of a resident trust estate if:
(a) the trust is not established by a will, or instrument of trust, for public charitable purposes; and
(b) the only person who is capable (whether by the exercise of a power of appointment or otherwise) of benefiting under the trust is a company other than a company in the capacity of trustee.
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