Document ID: chunk:federal_register_of_legislation:C2024A00023:clause:2_2
Version: federal_register_of_legislation:C2024A00023
Segment Type: clause
Provision Reference: sch 2 cl 2
Character Range: 67313–68466

2                                            *foreign entity throughout a period that is all or a part of an income year                        is a *financial entity throughout that period  inward investor (financial) for that period

Note 1: To determine whether an entity is a foreign controlled Australian entity, see Subdivision 820‑H.
Note 2: An entity covered by item 2 of the table may be required to keep certain records, see Subdivision 820‑L.
 (2A) However, the entity is not an inward investing financial entity (non‑ADI) for a period that is all or a part of an income year if it is a *general class investor for that year.
 (2B) Subsection (2A) does not apply for the purposes of subsection 820‑46(2) (definition of general class investor).
 (2C) An entity that is an *inward investing financial entity (non‑ADI) for a period that is all or part of an income year may make a choice under this subsection to apply the third party debt test in relation to that income year.
 (2D) Section 820‑47 applies in relation to a choice under subsection (2C) in the same way that it applies in relation to a choice under subsection 820‑46(3) or (4).