Document ID: chunk:federal_register_of_legislation:C2011C00519:clause:3_5
Version: federal_register_of_legislation:C2011C00519
Segment Type: clause
Provision Reference: sch 3 cl 5
Character Range: 135243–137042

5  After section 820‑609
Insert:

820‑610  Choice not to be outward investing entity (ADI) or inward investing entity (ADI)

 (1) This section applies if:
 (a) apart from this section, the *head company or single company would, under section 820‑609, be an *outward investing entity (ADI) or an *inward investing entity (ADI) for the trial period; and
 (b) at all times in the trial period, each of the following entities that is an *ADI is a *specialist credit card institution:
 (i) the head company or single company;
 (ii) an establishment entity whose *Australian permanent establishments the head company or single company has chosen under section 820‑597 or 820‑599 to have treated as part of the company for the period.

 (2) The *head company or single company is an outward investing entity (non‑ADI) and an outward investor (financial) for the trial period if:
 (a) apart from this section, the company would, under section 820‑609, be an *outward investing entity (ADI) for the trial period; and
 (b) the company chooses, before lodging its *income tax return for the income year including the trial period, to be an outward investing entity (non‑ADI) and an outward investor (financial) for that period.

 (3) The *head company or single company is an inward investing entity (non‑ADI) and an inward investment vehicle (financial) for the trial period if:
 (a) apart from this section, the company would, under section 820‑609, be an *inward investing entity (ADI) for the trial period; and
 (b) the company chooses, before lodging its *income tax return for the income year including the trial period, to be an inward investing entity (non‑ADI) and an inward investment vehicle (financial) for that period.

 (4) This section has effect despite sections 820‑85, 820‑185 and 820‑609.