Document ID: chunk:federal_register_of_legislation:C2004A00897:clause:1_3:p18
Version: federal_register_of_legislation:C2004A00897
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 18/26)
Character Range: 147439–150463

Division) is to be expressed in Australian currency.

 (2) An entity must comply with the *accounting standards in converting an amount into Australian currency.

 (3) Subsection (2) has effect whether the *accounting standard would otherwise apply to the entity or not.

820‑680  Valuation of assets, liabilities and equity capital

 (1) For the purposes of this Division, an entity must comply with the *accounting standards in calculating:
 (a) the value of its assets (including revaluing its assets for the purposes of that calculation); and
 (b) the value of its liabilities (including its *debt capital); and
 (c) the value of its *equity capital.

 (2) A revaluation of assets mentioned in paragraph (1)(a) must be made by a person:
 (a) who is an expert in valuing such assets; and
 (b) whose pecuniary or other interests could not reasonably be regarded as being capable of affecting the person's ability to give an unbiased opinion in relation to that revaluation.

 (3) Subsection (1) has effect whether the *accounting standard would otherwise apply to the entity or not.

820‑685  Valuation of debt capital

  For the purposes of this Division, the regulations may make additional provisions for the valuation of the *debt capital of an entity.

820‑690  Commissioner's power

  If the Commissioner considers that, in relation to a calculation under this Division, an entity has:
 (a) overvalued its assets; or
 (b) undervalued its liabilities (including its *debt capital);
the Commissioner may, having regard to the *accounting standards, substitute a value that the Commissioner considers is appropriate.

Subdivision 820‑H—Control of entities

Guide to Subdivision 820‑H

820‑740  What this Subdivision is about

      This Subdivision sets out rules about the following:
         • the meaning of an Australian controller of a foreign entity (for the purpose of determining whether or not an entity is an outward investing entity (non‑ADI) or outward investing entity (ADI));
         • the meaning of a foreign controlled Australian entity (for the purpose of determining whether or not an entity is an inward investing entity (non‑ADI));
         • the method of working out the extent to which one entity is controlled by another entity for those purposes.

Table of sections

Australian controller of a foreign entity

820‑745 What is an Australian controlled foreign entity?
820‑750 What is an Australian controller of a controlled foreign company?
820‑755 What is an Australian controller of a controlled foreign trust?
820‑760 What is an Australian controller of a controlled foreign corporate limited partnership?

Foreign controlled Australian entity

820‑780 What is a foreign controlled Australian entity?
820‑785 What is a foreign controlled Australian company?
820‑790 What is a foreign controlled Australian trust?
820‑795 What is a foreign controlled Australian partnership?

Thin capitalisation control interest

820‑815 General rule about thin capitalisation control interest in a