Document ID: chunk:federal_register_of_legislation:C2010C00577:clause:1_4
Version: federal_register_of_legislation:C2010C00577
Segment Type: clause
Provision Reference: sch 1 cl 4
Character Range: 3706–5249

4  Section 820‑37 (definition of average Australian assets)
Repeal the definition, substitute:

average Australian assets:
 (a) of an *Australian entity—is the average value, for that year, of all the assets of the entity, other than:
 (i) any assets attributable to the entity's *overseas permanent establishments; or
 (ii) any *debt interests held by the entity, to the extent to which any value of the interests is all or a part of the *controlled foreign entity debt of the entity; or
 (iii) any *equity interests or debt interests held by the entity, to the extent to which any value of the interests is all or a part of the *controlled foreign entity equity of the entity; or
 (iv) any debt interests that are *issued by *associates of the entity, that are *on issue, and that are held by the entity; or
 (v) any equity interests that the entity holds in associates of the entity; and
 (b) of a *foreign entity—is the average value, for that year, of all the assets of the entity that are:
 (i) located in Australia; or
 (ii) attributable to the entity's *Australian permanent establishments; or
 (iii) debt interests held by the entity, to the extent to which the interests are covered by subsection (2); or
 (iv) equity interests held by the entity, to the extent to which the interests are covered by subsection (3);
  other than:
 (v) any debt interests that are issued by associates of the entity, that are on issue, and that are held by the entity; or
 (vi) any equity interests that the entity holds in associates of the entity.