Document ID: chunk:federal_register_of_legislation:C2024A00023:clause:2_29:p10
Version: federal_register_of_legislation:C2024A00023
Segment Type: clause
Provision Reference: sch 2 cl 29 (pt 10/15)
Character Range: 39669–42330

net third party interest expense, for a period, of a *GR group for the period, is the amount that would be the group's *financial statement net third party interest expense for the period, if:
 (a) where paragraph 820‑53(2)(a) applies—the *audited consolidated financial statements for the period for the *GR group parent for the period of the group were prepared on the basis that the following were treated as interest:
 (i) an amount in the nature of interest;
 (ii) any other amount that is economically equivalent to interest; or
 (b) where paragraph 820‑53(2)(b) applies—the *global financial statements for the period for the GR group parent for the period of the group were prepared on the basis that the following were treated as interest:
 (i) an amount in the nature of interest;
 (ii) any other amount that is economically equivalent to interest.
 (2) The financial statement net third party interest expense, for a period, of a *GR group for the period, is:
 (a) the amount of the *GR group's net third party interest expense for the period, as disclosed in the following statements:
 (i) if paragraph 820‑53(2)(a) applies—the *audited consolidated financial statements for the *GR group parent for the period for the GR group;
 (ii) if paragraph 820‑53(2)(b) applies—the *global financial statements for the GR group parent for the period for the GR group;
  reduced by the amount of each payment (if any) covered by subsection (3), to the extent that it was a factor in working out that net third party interest expense; or
 (b) if those statements do not disclose that net third party interest expense—the amount worked out as follows:
 (i) first, identify the amount of the group's third party interest expenses for the period disclosed in those statements;
 (ii) next, reduce the result of subparagraph (i) by the amount of each payment (if any) covered by subsection (3), to the extent that it was a factor in working out those third party interest expenses;
 (iii) next, reduce the result of subparagraph (ii) by the amount of the group's third party interest income for the period disclosed in those statements;
 (iv) next, increase the result of subparagraph (iii) by the amount of each payment (if any) covered by subsection (3), to the extent that it was a factor in working out that third party interest income.
 (3) For the purposes of subsection (2), this subsection covers a payment if:
 (a) the payment is made by an entity to an *associate entity of the entity; and
 (b) either:
 (i) the entity is a *GR group member for the period of the *GR group and the associate entity is not such a GR group member; or
 (ii) the entity is not