Document ID: chunk:federal_register_of_legislation:C2025C00014:section:121d:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 121D (pt 2/4)
Character Range: 1126285–1129024

under the guarantee, letter, underwriting, loan or bond is not Australian currency.

Trading activity
 (4) For the purposes of paragraph (1)(c), a trading activity is:
 (a) trading with an offshore person in:
 (i) securities issued by non‑residents; or
 (ii) eligible contracts, under which any amounts payable are payable by non‑residents; or
 (aa) trading with any person in non‑deliverable forward foreign currency contracts; or
 (b) trading with an offshore person in:
 (i) shares in non‑resident companies; or
 (ii) units in non‑resident trusts; or
 (c) trading with an offshore person in options or rights in respect of securities, eligible contracts, shares or units referred to in paragraph (a) or (b); or
 (d) trading (including on behalf of an offshore person) on the Sydney Futures Exchange in futures contracts, or options contracts, under which any money payable is not Australian currency; or
 (e) trading in currency, or options or rights in respect of currency, with any person, where the currency is not Australian currency; or
 (ea) trading in currency, or options or rights in respect of currency, with an offshore person; or
 (f) trading in gold bullion, or in options or rights in respect of such bullion:
 (i) with an offshore person where the money or moneys payable or receivable is or are in any currency; or
 (ii) a person other than an offshore person where the money or moneys payable or receivable is or are in a currency other than Australian currency; or
 (g) trading with an offshore person in silver, platinum or palladium bullion, or in options or rights in respect of such bullion; or
 (h) trading with an offshore person in base metals; or
 (i) trading with an offshore person in commodities, or in options or rights in respect of commodities, if:
 (i) the commodities, options or rights are not mentioned in another paragraph of this subsection; and
 (ii) the trading is incidental to an OB eligible contract activity.
 (4A) However, paragraph (1)(c) does not apply to a trading activity done by an OBU if:
 (a) the thing traded in affected the OBU's total participation interest (within the meaning of the Income Tax Assessment Act 1997) in another entity; and
 (b) just before the trading activity:
 (i) the OBU's total participation interest in the other entity was at least 10%; or
 (ii) any of the thing traded in was held by the OBU, and was not recorded in the OBU's accounting records as held for trading in accordance with accounting standards (within the meaning of that Act).
 (4B) For the purposes of subsection (4A), disregard rights on winding‑up.

Investment activity
 (6) For the purposes of paragraph (1)(e), an investment activity is making (but not managing), as broker or agent for,