New International Tax Arrangements (Foreign-owned Branches and Other Measures) Act 2005 (64 of 2005)

Schedule 3   Australian permanent establishments of foreign financial entities

Part 3   Thin capitalisation

Income Tax Assessment Act 1997

33   Subsection 820-615(4)

Repeal the subsection, substitute:

Risk-weighted assets

(4) For each of the establishment entity's *Australian permanent establishments covered by the choice, the *risk-weighted assets of the *head company or single company include that part of the entity's risk-weighted assets that:

(a) is attributable to that Australian permanent establishment; and

(b) is not attributable to the entity's *OB activities.