Document ID: chunk:federal_register_of_legislation:C2025C00014:section:121c:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 121C (pt 2/2)
Character Range: 1121786–1123840

Division 11A of Part III.
Note: In this Division, the head company of a consolidated group or MEC group may be treated for certain purposes as an OBU at a time when a subsidiary member of the group is an OBU (see Subdivision 717‑O of the Income Tax Assessment Act 1997).
OBU resident‑owner money has the meaning given by section 121EC.
offshore person has the meaning given by section 121E.
offshore property means property that:
 (a) cannot be in Australia; or
Example: Land outside Australia.
 (b) is used, or will be used:
 (i) wholly outside Australia; or
 (ii) in Australia to an extent that is not material.
overseas charitable institution means a non‑resident institution the income of which:
 (a) would be exempt from tax under item 1.1 of section 50‑5 of the Income Tax Assessment Act 1997 (and not under any other item of that section) if the institution had a physical presence in Australia and incurred its expenditure and pursued its objectives principally in Australia; and
 (b) is exempt in the country in which it is resident.
owner, in relation to a company, means a person who, alone or together with an associate or associates, is the beneficial owner of all of the shares in the company.
portfolio investment has the meaning given by subsection 121DA(1).
related person, in relation to an OBU, means:
 (a) an associate of the OBU; or
 (b) a permanent establishment referred to in paragraph 121EB(1)(b) in relation to the OBU.
security means a bond, debenture, debt interest, bill of exchange, promissory note or other security or similar instrument.
trade with a person has the meaning given by section 121ED.
90‑day bank bill rate, at a particular time, means:
 (a) if the Reserve Bank of Australia has published a rate described as the 90‑day bank accepted bill rate in respect of a period in which the particular time occurs—that rate; or
 (b) in any other case—the rate declared by regulations for the purposes of this definition to be the 90‑day bank accepted bill rate in respect of a period in which the particular time occurs.