Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p5
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 5/20)
Character Range: 6803374–6806070

Assessment Act 1936) whose sole or principal business is financial intermediary business (within the meaning of that Part), subsection (2) operates as if:
 (a) paragraphs (2)(a) and (f) were omitted; and
 (b) paragraph (2)(g) did not contain a reference to interest, an *annuity or foreign exchange gains; and
 (c) subparagraph (2)(e)(i) were omitted and the following subparagraph were substituted:
 (i) a financial instrument, other than an asset mentioned in paragraph 450(1)(b) of the Income Tax Assessment Act 1936; or
 (4) The asset is covered under this subsection if:
 (a) all of these conditions are satisfied:
 (i) the asset is an asset mentioned in subparagraph 450(4)(b)(i) or (ii) of the Income Tax Assessment Act 1936;
 (ii) the asset was acquired from another entity;
 (iii) either of the conditions mentioned in subparagraph 450(6)(c)(i) and (ii) of the Income Tax Assessment Act 1936 were satisfied in relation to the other entity at the time of the acquisition; or
 (b) both of these conditions are satisfied:
 (i) the asset relates to a debt to which factoring income (within the meaning of Part X of the Income Tax Assessment Act 1936) of the foreign company relates;
 (ii) the condition in paragraph 450(8)(b) of the Income Tax Assessment Act 1936 is satisfied in relation to the debt.

768‑545  Assets included in the total assets of a foreign company
 (1) At a particular time, an asset is an asset included in the total assets of a company (the foreign company) that is a foreign resident if:
 (a) the asset is a *CGT asset at that time; and
 (b) the foreign company owns the asset at that time; and
 (c) if at that time the foreign company is not an AFI subsidiary (within the meaning of Part X of the Income Tax Assessment Act 1936) whose sole or principal business is financial intermediary business (within the meaning of that Part)—the asset is not a foreign company derivative asset covered by subsection (2).
 (2) An asset is a foreign company derivative asset covered by this subsection if:
 (a) the asset is an *arrangement covered by subsection (3), unless the regulations declare the asset not to be a foreign company derivative asset covered by this subsection; or
 (b) the regulations declare the asset to be a foreign company derivative asset covered by this subsection.
 (3) An *arrangement is covered by this subsection if:
 (a) under the arrangement, a party to the arrangement must, or may be required to, provide at some future time consideration of a particular kind or kinds to someone; and
 (b) that future time is not less than the number of days, prescribed by regulations made for the purposes of paragraph 761D(1)(b) of the Corporations Act 2001,