Document ID: chunk:federal_register_of_legislation:C2004A00897:clause:1_22:p2
Version: federal_register_of_legislation:C2004A00897
Segment Type: clause
Provision Reference: sch 1 cl 22 (pt 2/4)
Character Range: 225616–228133

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 389 of that Act applies to that entity for that period as if that section has not been amended by the New Business Tax System (Thin Capitalisation) Act 2001.

820‑25  Transitional provision—average value of a matter for the first income year

 (1) If:
 (a) Division 820 of the Income Tax Assessment Act 1997 applies to an entity for a period that is all or a part of an income year; and
 (b) that income year begins before 1 July 2002 and ends before 30 June 2003;
the entity may, for the purposes of that application, choose to use the value of a particular matter as at the end of that period as if it were the average value of that matter for that period.

Note: This means that the entity may, for that period, apply subsection (1) instead of calculating an average value in accordance with Subdivision 820‑G of the Income Tax Assessment Act 1997.

 (2) However, an entity making that choice must apply subsection (1) throughout that period for every matter for which an average value is required to be calculated for the purposes of that Division's application to that entity.

 (3) This section alters the effect of that Division accordingly.

820‑30  Transitional provision: average value of a matter for a resident TC group that includes an ADI or an Australian permanent establishment of a foreign bank

 (1) This section affects how the average value of a matter is determined for the purposes of Division 820 of the Income Tax Assessment Act 1997, as it applies to a resident TC group for an income year beginning before 1 July 2002 and ending before 30 June 2003.

 (2) If:
 (a) the group is an outward investing entity (ADI) for that income year, or section 820‑565 of that Act applies Subdivision 820‑D of that Act to the group for that income year as if it were an outward investing entity (ADI); and
 (b) apart from this section, a day on which the group did not include at least one entity that is an ADI would be a measurement day for the group under section 820‑645 of that Act;
that day is treated as not being such a measurement day.

 (3) If:
 (a) section 820‑575 of that Act applies Subdivision 820‑E of that Act to the group for that income year as if it were an inward investing entity (ADI); and
 (b) apart from this section, a day on which the group