Document ID: chunk:federal_register_of_legislation:F2015L01473:body:0:p5
Version: federal_register_of_legislation:F2015L01473
Segment Type: other
Provision Reference: 
Character Range: 10059–12283

carried on by offshore banking units, see section 121D of the Tax Act (definition of OB activity).
          Offshore banking business is not banking business within the meaning of the Act, although it may include such banking business. To the extent that it includes such banking business which is carried on in Australia, it can only be carried on by an offshore banking unit that is an ADI.

   offshore banking unit means an offshore banking unit within the meaning of section 128AE of the Tax Act.

   professional investor has the meaning given in section 9 of the Corporations Act.

   resident has the meaning given in section 6 of the Tax Act.

   small business has the meaning given in subsection 761G(12) of the Corporations Act.

   Tax Act means the Income Tax Assessment Act 1936.

   B. A reference to issuing an investment product to the investor means:
       (a) insofar as the investment product consists of or includes the lending of money by the investor – borrowing the money from the investor;
       (b) insofar as the investment product consists of or includes the investment of money by the investor in a managed investment scheme – issuing an interest in the scheme to the investor in consideration for the money, otherwise than by way of secondary trading in the interest (whether or not there is also other consideration for the issue of the interest).

   C. An investment product is taken to be of the same kind as another investment product if:
       (a) both of the investment products are debentures issued by the same person; or
       (b) both of the investment products are issued by the same person on the same terms and conditions (other than terms and conditions relating to the price of the product or the period of the investment); or
       (c) both of the investment products are a financial product and are taken to be the same kind of financial product under the test in subsection 1012D(10) of the Corporations Act.

   D. Whether a body corporate is related to another body corporate is to be determined in the same way as under the Corporations Act.

   E. A reference to an Act or provision of an Act is a reference to that Act or provision as in force from time to time.