Document ID: chunk:federal_register_of_legislation:C2005A00064:clause:3_27:p1
Version: federal_register_of_legislation:C2005A00064
Segment Type: clause
Provision Reference: sch 3 cl 27 (pt 1/2)
Character Range: 23717–26586

27  Section 820‑609
Repeal the section, substitute:

820‑609  Effect on classification of head company or single company

 (1) The *head company or single company is an outward investing entity (ADI) for a period (the trial period) that is all or part of the grouping period if:
 (a) apart from this Subdivision, the head company or single company would be an *outward investing entity (ADI) for the trial period; or
 (b) apart from this Subdivision, the head company or single company would be:
 (i) an *outward investing entity (non‑ADI) and an *outward investor (financial) for the trial period; or
 (ii) an *outward investing entity (non‑ADI) and an *outward investor (general) for the trial period;
  and at least one of the *Australian permanent establishments is a *permanent establishment through which a *foreign bank carries on banking *business in Australia.

 (2) The *head company is also an outward investing entity (ADI) for the trial period if, apart from this Subdivision:
 (a) the head company would satisfy subsection 820‑585(2) for the trial period (triggering the exemption in section 820‑585); or
 (b) section 820‑587 would apply Subdivision 820‑D to the head company as if it were an *outward investing entity (ADI) for the trial period.

 (3) The single company is also an outward investing entity (ADI) for the trial period if it is both a *foreign controlled Australian company and an *ADI for that period.

 (4) The *head company or single company is an inward investing entity (ADI) for the trial period if:
 (a) apart from this Subdivision, it would be an *inward investment vehicle (general) or an *inward investment vehicle (financial), and not an *outward investor (general) or an *outward investor (financial), for the trial period; and
 (b) at least one of the *Australian permanent establishments is a *permanent establishment through which a *foreign bank carries on banking *business in Australia.

 (5) The *head company or single company is an outward investing entity (non‑ADI) and an outward investor (financial) for the trial period if, apart from this Subdivision, it would be an *outward investing entity (non‑ADI) and:
 (a) an *outward investor (financial); or
 (b) an *outward investor (general);
for that period, and:
 (c) at least one of the *Australian permanent establishments is a *permanent establishment of a *foreign entity that is a *financial entity; and
 (d) none of the Australian permanent establishments is a permanent establishment through which a *foreign bank carries on banking *business in Australia.

 (6) The *head company or single company is an inward investing entity (non‑ADI) and an inward investment vehicle (financial) for the trial period if, apart from this Subdivision, it would be an *inward investing entity (non‑ADI) and:
 (a) an *inward investment vehicle (financial); or
 (b) an *inward