Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:1_19:p1
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 1 cl 19 (pt 1/2)
Character Range: 156320–158946

19                      is entitled to the benefit of a guarantee given by:
                        (a) the audited body; or
                        (b) a related body corporate; or
                        (c) an entity that the audited body controls
                        in relation to a loan unless the guarantee is disregarded under subsection (8)

Applying table if audited body is registered scheme

 (2) If the audited body is a registered scheme, apply the table in subsection (1) as if:
 (a) references to the audited body in items 1 to 9, and items 15 to 19, in the table were references to the responsible entity for the registered scheme; and
 (b) references to an interest in the audited body in items 10 to 12 in the table were references to an interest in either:
 (i) the registered scheme; or
 (ii) the responsible entity for the registered scheme; and
 (c) references to an investment in an entity that has a controlling interest in the audited body in items 13 and 14 of the table were references to an investment in an entity that has a controlling interest in the responsible entity for the registered scheme.

Applying table if audited body is listed entity (other than registered scheme)

 (3) If the audited body is a listed entity (other than a registered scheme), apply the table in subsection (1) as if references in the table to the audited body included references to an associated entity of the audited body.

Note: See section 50AAA for the definition of associated entity.

Firm assets

 (4) For the purpose of applying items 10 to 14 in the table in subsection (1) to an audit firm, the firm is taken to have a particular asset if the asset is one of the firm's partnership assets.

Housing loan exception

 (5) For the purposes of item 15 of the table in subsection (1), disregard a debt owed by an individual to a body corporate or entity if:
 (a) the body corporate or entity is:
 (i) an Australian ADI; or
 (ii) a body corporate registered under the Life Insurance Act 1995; and
 (b) the debt arose because of a loan that the body corporate or entity made to the person in the ordinary course of its ordinary business; and
 (c) the person used the amount of the loan to pay the whole or part of the purchase price of premises that the person uses as their principal place of residence.

Loans by immediate family members in ordinary business dealing with client

 (6) For the purposes of item 16 of the table in subsection (1), disregard a debt owed to a person by a body corporate or entity if:
 (a) the item applies to the person because the person is an immediate family member