Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 820.610

  (1)   This section applies if:

  (a)   apart from this section, the * head company or single company would, under section   820 - 609, be an * outward investing entity (ADI) or an * inward investing entity (ADI) for the trial period; and

  (b)   at all times in the trial period, each of the following entities that is an * ADI is a * specialist credit card institution:

  (i)   the head company or single company;

  (ii)   an establishment entity whose * Australian permanent establishments the head company or single company has chosen under section   820 - 597 or 820 - 599 to have treated as part of the company for the period.

  (2)   The * head company or single company is an outward investing financial entity (non - ADI) for the trial period if:

  (a)   apart from this section, the company would, under section   820 - 609, be an * outward investing entity (ADI) for the trial period; and

  (b)   the company chooses, before lodging its * income tax return for the income year including the trial period, to be an outward investing financial entity (non - ADI) for that period.

  (3)   The * head company or single company is an inward investing financial entity (non - ADI) and an inward investment vehicle (financial) for the trial period if:

  (a)   apart from this section, the company would, under section   820 - 609, be an * inward investing entity (ADI) for the trial period; and

  (b)   the company chooses, before lodging its * income tax return for the income year including the trial period, to be an inward investing financial entity (non - ADI) and an inward investment vehicle (financial) for that period.

  (4)   This section has effect despite sections   820 - 85, 820 - 185 and 820 - 609.