Document ID: chunk:federal_register_of_legislation:C2025C00014:section:128ae:p5
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 128AE (pt 5/5)
Character Range: 1237960–1239132

purposes of temporary safe‑keeping pending the making of an offshore loan or repayment of an offshore borrowing or an offshore gold borrowing:
 (a) the amount held on deposit and upon being repaid shall be taken to be the same money as was transferred; and
 (b) the transfer shall be taken not to have occurred.
 (12) For the purposes of this section, an amount:
 (a) deposited in an account with a bank or other financial institution; or
 (b) paid by way of consideration for the issue of a security;
shall be taken to have been lent to, and borrowed by, the bank, financial institution or issuer of the security.
 (13) If an offshore banking unit consists of:
 (a) one or more permanent establishments in Australia at or through which the offshore banking unit carries on what are OB activities within the meaning of Division 9A; and
 (b) one or more other permanent establishments either in Australia or outside Australia;
then this section and section 128NB apply as if:
 (c) the offshore banking unit consisted only of the permanent establishments referred to in paragraph (a); and
 (d) the permanent establishments referred to in paragraph (b) were separate persons.