Document ID: chunk:federal_register_of_legislation:C2025C00014:section:121c:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 121C (pt 1/2)
Character Range: 1119201–1121989

121C  Interpretation
  In this Division:
adjusted assessable OB income has the meaning given by subsection 121EE(4).
adjusted total assessable income has the meaning given by subsection 121EE(5).
allowable OB deduction has the meaning given by subsection 121EF(2).
apportionable OB deduction has the meaning given by subsection 121EF(5).
assessable OB income has the meaning given by subsection 121EE(2).
associate has the meaning given by section 318.
Australian thing has the meaning given by subsection 121DA(5).
average Australian asset percentage has the meaning given by subsection 121DA(2).
borrow includes raise finance by the issue of a security.
eligible contract means:
 (a) any of the following:
 (i) a futures contract;
 (ii) a forward contract;
 (iii) an options contract;
 (iv) a swap contract;
 (v) a cap, collar, floor or similar contract; or
 (b) a loan contract; or
 (c) a securities lending or repurchase arrangement; or
 (d) a non‑deliverable forward foreign currency contract.
exclusive non‑OB deduction has the meaning given by subsection 121EF(6).
exclusive OB deduction has the meaning given by subsection 121EF(3).
general OB deduction has the meaning given by subsection 121EF(4).
lend includes provide finance by the purchase of a security.
loss deduction has the meaning given by subsection 121EF(7).
monthly Australian asset percentage has the meaning given by subsection 121DA(3).
non‑OB accounting records has the meaning given by subsection 121EAA(3).
non‑OB money, in relation to an OBU, means money of the OBU other than:
 (a) money received by the OBU in carrying on an OB activity; or
 (b) OBU resident‑owner money of the OBU; or
 (c) money paid to the OBU by a non‑resident (other than in carrying on business in Australia at or through a permanent establishment of the non‑resident) by way of subscription for, or a call on, shares in the OBU;
(an example of non‑OB money being money borrowed from a resident whose lending of the money does not occur in carrying on business in a country outside Australia at or through a permanent establishment of the resident).
non‑resident trust means a unit trust that is not a resident unit trust within the meaning of section 102Q.
OB activity has the meaning given by section 121D.
OB advisory activity has the meaning given by section 121DC.
OB eligible contract activity has the meaning given by section 121DB.
OB income has the meaning given by section 121EDA.
OB leasing activity has the meaning given by section 121DD.
OBU (offshore banking unit) means an offshore banking unit within the meaning of 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