Document ID: chunk:federal_register_of_legislation:C2010C00184:clause:1_18
Version: federal_register_of_legislation:C2010C00184
Segment Type: clause
Provision Reference: sch 1 cl 18
Character Range: 66152–67432

18  Subsection 6(1)
Insert:

interest income, in relation to a taxpayer, means income consisting of interest, or a payment in the nature of interest, in respect of:
 (a) money lent, advanced or deposited; or
 (b) credit given; or
 (c) any other form of debt or liability;
whether security is given or not, other than:
 (d) an amount to the extent to which it is a return on an equity interest in a company; or
 (e) interest derived by the taxpayer from a transaction directly related to the active conduct of a trade or business; or
 (f) interest derived by the taxpayer from carrying on a banking business or any other business whose income is principally derived from the lending of money; or
 (g) interest received by the taxpayer during a year of income from a foreign company, where:
 (i) at any time during the year of income, the taxpayer had (or would have had, if the taxpayer were a company and a resident), a voting interest, within the meaning of section 334A, amounting to at least 10% of the voting power, within the meaning of that section, in that company; and
 (ii) during the year of income or the preceding year of income, the company has not derived an amount of interest income exceeding 10% of the total profits derived by the company during the same year.