Document ID: chunk:federal_register_of_legislation:C2004A01097:clause:1_7
Version: federal_register_of_legislation:C2004A01097
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 6047–7153

7  Subsection 128F(6)
Repeal the subsection, substitute:

No exemption for interest paid to certain associates of the issuing company

 (6) This section does not apply to interest paid by the company to a person in respect of the debenture if, at the time of the payment, the company knows, or has reasonable grounds to suspect, that:
 (a) the person is an associate of the company; and
 (b) either:
 (i) the associate is a non‑resident and the payment is not received by the associate in respect of a debenture that the associate acquired in carrying on a business in Australia at or through a permanent establishment of the associate in Australia; or
 (ii) the associate is a resident of Australia and the payment is received by the associate in respect of a debenture that the associate acquired in carrying on a business in a country outside Australia at or through a permanent establishment of the associate in that country; and
 (c) the associate does not receive the payment in the capacity of a clearing house, paying agent, custodian, funds manager or responsible entity of a registered scheme.