Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p16
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 16/32)
Character Range: 7231816–7234602

foreign financial entity's Australian permanent establishment.

820‑610  Choice not to be outward investing entity (ADI) or inward investing entity (ADI)
 (1) This section applies if:
 (a) apart from this section, the *head company or single company would, under section 820‑609, be an *outward investing entity (ADI) or an *inward investing entity (ADI) for the trial period; and
 (b) at all times in the trial period, each of the following entities that is an *ADI is a *specialist credit card institution:
 (i) the head company or single company;
 (ii) an establishment entity whose *Australian permanent establishments the head company or single company has chosen under section 820‑597 or 820‑599 to have treated as part of the company for the period.
 (2) The *head company or single company is an outward investing financial entity (non‑ADI) for the trial period if:
 (a) apart from this section, the company would, under section 820‑609, be an *outward investing entity (ADI) for the trial period; and
 (b) the company chooses, before lodging its *income tax return for the income year including the trial period, to be an outward investing financial entity (non‑ADI) for that period.
 (3) The *head company or single company is an inward investing financial entity (non‑ADI) and an inward investment vehicle (financial) for the trial period if:
 (a) apart from this section, the company would, under section 820‑609, be an *inward investing entity (ADI) for the trial period; and
 (b) the company chooses, before lodging its *income tax return for the income year including the trial period, to be an inward investing financial entity (non‑ADI) and an inward investment vehicle (financial) for that period.
 (4) This section has effect despite sections 820‑85, 820‑185 and 820‑609.

820‑611  Values to be based on what would be in consolidated accounts for group
 (1) For the purposes of this Division as applying because of this Subdivision, the value or amount of a particular matter as at a particular time during the grouping period is to be worked out, so far as practicable, on the basis of the information that would be contained in a set of consolidated accounts:
 (a) prepared, in accordance with the *accounting standard on consolidated accounts, as at that time; and
 (b) covering the *consolidated group, *MEC group or single company, as appropriate, and each *Australian permanent establishment that section 820‑603 treats as part of the *head company or single company at that time.
Note: This subsection does not depend on whether such a set of consolidated accounts was prepared, or had to be prepared, for other purposes.
 (2) To avoid doubt, subsection (1) also applies to working out the value or amount, as at a particular time, of a matter mentioned in any