Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 820.49

  (1)   Subsection   (2) applies if:

  (a)   an entity (the borrower ) has issued a * debt interest to another entity (the creditor ); and

  (b)   the creditor has recourse for payment of the debt to which the debt interest relates to assets of one or more other entities (each of which is an obligor entity ).

  (2)   Each obligor entity and the borrower is a member of an obligor group in relation to the * debt interest.

  (3)   For the purposes of paragraph   (1)(b), disregard assets that are * membership interests in the borrower.