Document ID: chunk:federal_register_of_legislation:C2004A00897:clause:1_3:p9
Version: federal_register_of_legislation:C2004A00897
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 9/26)
Character Range: 120262–122805

least one entity that, apart from this Subdivision, would be an *outward investing entity (non‑ADI) for a period ending at the end of the income year; and
 (ii) at least one entity that is an *ADI at the end of the income year.

820‑555  Rest of Division not to apply to group headed by foreign‑controlled Australian ADI or its holding company

 (1) This Division (except this Subdivision) does not apply to any entity that is in a *resident TC group for an income year, if the group:
 (a) is not an *outward investing entity (ADI) for the income year; and
 (b) consists solely of 2 or more entities, each of which is, at the end of the income year:
 (i) an entity that is both a *foreign controlled Australian entity and an *ADI; or
 (ii) a *100% subsidiary of an entity in the group that is covered by subparagraph (i); or
 (iii) a partnership, all interests in whose income and capital are beneficially owned by one or more entities in the group, each of which is covered by subparagraph (i) or (ii); or
 (iv) a trust, all interests in whose income and capital are beneficially owned at the end of the income year by one or more entities in the group, each of which is covered by subparagraph (i), (ii) or (iii); or
 (v) a company that meets the condition in subsection (2).

 (2) To be covered by subparagraph (1)(b)(v), a company:
 (a) must be a *foreign controlled Australian company at the end of the income year; and
 (b) must beneficially own at the end of the income year all the *shares in an entity in the group that is covered by subparagraph (1)(b)(i); and
 (c) must have no other assets at the end of the income year; and
 (d) must have no *debt capital at any time during the income year.

820‑560  Application of Subdivisions 820‑B and 820‑C to group

 (1) This section has effect for the purposes of:
 (a) applying Subdivision 820‑B to a *resident TC group that is an *outward investor (financial) for an income year; or
 (b) applying Subdivision 820‑C to a *resident TC group that is an *inward investment vehicle (financial) for an income year.

 (2) An *on‑lent amount, or *zero‑capital amount, of an entity in the group is to be taken into account only if the entity is a *financial entity throughout the income year.

820‑562  Application of Subdivision 820‑D to group

 (1) This section has effect for the purposes of applying Subdivision 820‑D to a *resident TC group that is an *outward investing entity (ADI) for an income year.

 (2) The group's adjusted average equity capital for the income year is the average