Document ID: chunk:federal_register_of_legislation:C2004A00897:clause:1_22:p1
Version: federal_register_of_legislation:C2004A00897
Segment Type: clause
Provision Reference: sch 1 cl 22 (pt 1/4)
Character Range: 223139–225854

22  After Division 405
Insert:

Chapter 4—International aspects of income tax

Part 4‑5—General

[The next Division is Division 820.]

Division 820—Application of the thin capitalisation rules

Table of sections

820‑10 Application of Division 820 of the Income Tax Assessment Act 1997
820-12 Application of Division 974 of the Income Tax Assessment Act 1997 for the purposes of Division 820 of that Act
820‑15 Transitional provision—application of Divisions 16F and 16G of Part III of the Income Tax Assessment Act 1936
820‑20 Transitional provision—application of section 389 of the Income Tax Assessment Act 1936
820‑25 Transitional provision—average value of a matter for the first income year
820‑30 Transitional provision—average value of a matter for resident TC group that includes an ADI or an Australian permanent establishment of a foreign bank
820‑35 Transitional provision—transitional debt interests
820‑40 Transitional provision—transitional equity interests

820‑10  Application of Division 820 of the Income Tax Assessment Act 1997

 (1) Subject to subsection (2), Division 820 of the Income Tax Assessment Act 1997 applies in relation to an income year that begins on or after 1 July 2001.

 (2) Subdivision 820‑L of that Act, to the extent that it relates to the requirements under section 820‑960 of that Act, applies only in relation to an income year that begins on or after 1 July 2002.

820‑12  Application of Division 974 of the Income Tax Assessment Act 1997 for the purposes of Division 820 of that Act

 (1) Division 974 of the Income Tax Assessment Act 1997 applies for the purposes of determining whether, for the purposes of Division 820 of that Act, an interest is a debt interest or an equity interest at any time on or after 1 July 2001 (whether or not the debt and equity test amendments apply to transactions in relation to that interest at that time).

 (2) In this section, debt and equity test amendments has the same meaning as in Part 4 of Schedule 1 to the New Business Tax System (Debt and Equity) Act 2001.

820‑15  Transitional provision—application of Divisions 16F and 16G of Part III of the Income Tax Assessment Act 1936

  If Division 16F or 16G of Part III of the Income Tax Assessment Act 1936 would have applied to an entity for a period that is all or a part of an income year that begins before 1 July 2001, then, despite the repeal of that Division, it continues to apply to that entity for that period.

820‑20  Transitional provision—application of section 389 of the Income Tax Assessment Act 1936

  If Division 16F or 16G of Part III of the Income Tax Assessment Act 1936 continues to apply to an entity for a period under section 820‑15, section