Document ID: chunk:federal_register_of_legislation:C2025C00014:section:160zzzk
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 160ZZZK
Character Range: 1511689–1512859

160ZZZK  Treatment like Australian branches of foreign banks

Objects
 (1) The main objects of this section are:
 (a) to treat foreign entities that are financial entities like foreign banks for the purposes of this Part; and
 (b) to treat Australian permanent establishments of foreign entities that are financial entities like Australian branches of foreign banks for the purposes of this Part.

Foreign financial entities treated like foreign banks
 (2) This Part (except this Division) applies to a foreign entity that is a financial entity in the same way as this Part applies to a foreign bank.

Australian permanent establishments treated like Australian branches
 (3) This Part (except this Division) applies to a permanent establishment in Australia of a foreign entity that is a financial entity in the same way as this Part applies to an Australian branch of a foreign bank.

Definitions
 (4) In this section:
financial entity has the meaning given by section 995‑1 of the Income Tax Assessment Act 1997.
foreign entity has the meaning given by section 995‑1 of the Income Tax Assessment Act 1997.

Division 5—Modifications relating to hybrid mismatch rules