Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 820.48

  (1)   For the purposes of subsection   820 - 46(5), this section applies to an entity (the first entity ) in relation to an income year if:

  (a)   the first entity is a * member of an * obligor group in relation to a * debt interest; and

  (b)   the entity that issued the debt interest:

  (i)   has made a choice under subsection   820 - 46(4) in relation to that income year (including a choice that is taken to be made under subsection   820 - 46(5) in relation to a different obligor group); and

  (ii)   is required to lodge an * income tax return for the income year; and

  (c)   the first entity:

  (i)   is an * associate entity of the entity mentioned in paragraph   (b) of this subsection; and

  (ii)   is required to lodge an * income tax return for the income year.

  (2)   For the purposes of subparagraph   (1)(c)(i), in determining whether an entity is an associate entity of another entity:

  (aa)   disregard the requirement in subsections   820 - 905(1) and (2A) that the entity is an * associate of the other entity, unless only paragraph   820 - 905(1)(b) applies; and

  (a)   treat the references in paragraphs   820 - 905(1)(a) and 820 - 905(2A)(a) to "an * associate interest of 50% or more" as instead being a reference to "a * TC control interest of 20% or more"; and

  (b)   treat subsection   820 - 860(3) as applying for the purposes of determining whether the entity is an associate entity of the other entity (as a result of paragraph   (a) of this subsection); and

  (c)   treat the purposes mentioned in subparagraphs   820 - 870(1)(b)(i) and (ii) as including the purposes of determining whether the entity is an associate entity of the other entity (as a result of paragraph   (a) of this subsection).

  (3)   For the purposes of subsection   820 - 46(5), this section also applies to the entity mentioned in that subsection in relation to an income year if:

  (a)   the entity has entered into a * cross staple arrangement with one or more other entities; and

  (b)   one or more of those other entities has made a choice under subsection   820 - 46(4) in relation to that income year (including a choice that is taken to be made under subsection   820 - 46(5)).