Document ID: chunk:federal_register_of_legislation:C2004A00897:clause:1_4:p4
Version: federal_register_of_legislation:C2004A00897
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 4/7)
Character Range: 209065–212162

interest was issued, and throughout the period of 6 months immediately before the interest was issued, the entity did not have any long‑term foreign currency corporate credit rating given to it by an internationally recognised rating agency; but
 (ii) the entity has the required credit rating for that interest at any time during the period of 6 months immediately after the interest was issued.

Subdivision 820‑L—Record keeping requirements

Guide to Subdivision 820‑L

820‑950  What this Subdivision is about

      This Subdivision sets out special record keeping requirements and related provisions about the following:

                (a) an entity that carries on its business at or through its Australian permanent establishments;
                (b) an arm's length debt amount or arm's length capital amount worked out under this Division.

Table of sections

Records about Australian permanent establishments

820‑960 Records about Australian permanent establishments
820‑965 Review of Commissioner's decision

Records about arm's length amounts

820‑980 Records about arm's length debt amount and arm's length capital amount

Offences committed by certain entities

820‑990 Offences—treatment of partnerships
820‑995 Offences—treatment of unincorporated companies

[This is the end of the Guide.]

Records about Australian permanent establishments

820‑960  Records about Australian permanent establishments

 (1) If an entity:
 (a) is an *inward investor (general), *inward investor (financial) or *inward investing entity (ADI), for all or a part of an income year; and
 (b) carries on its *business at or through one or more of its *Australian permanent establishments throughout that year;
the entity must keep the following records for that year:
 (c) a statement of financial position for the *Australian permanent establishments;
 (d) a statement of financial performance for the Australian permanent establishments.

Note: A person must comply with the requirements in section 262A of the Income Tax Assessment Act 1936 about the keeping of these records (see subsections (2AA) and (3) of that section).

 (2) The entity must prepare these records:
 (a) before the time by which the entity must lodge its tax return for the income year; and
 (b) in accordance with the *accounting standards (in particular, but not limited to, accounting standards AASB 1001, AASB 1018 and AASB 1040) as if:
 (i) the *Australian permanent establishments were an entity (the notional entity) for which these records would be required to be prepared under the accounting standards; and
 (ii) for the purposes of the statement of financial position—the assets, liabilities (including *debt capital) and *equity capital that are attributable to the Australian permanent establishments for that income year were assets, liabilities and equity of the notional entity for that year; and
 (iii) for the purposes of the statement of financial performance—the revenues and expenses that are attributable to the Australian permanent establishments for that year were the revenues and expenses of