Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1936
1 Section 121C (at the end of the definition of OBU )
Add:
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 OBU (see Subdivision 717 - O of the Income Tax Assessment Act 1997 ).
Income Tax Assessment Act 1997
2 At the end of Division 717
Add:
Subdivision 717 - O -- Offshore banking units
717 - 700 What this Subdivision is about
The head company of a consolidated group is treated for certain purposes as an offshore banking unit at a time when a subsidiary member of the group is an offshore banking unit.
Table of sections
717 - 705 Object of this Subdivision
717 - 710 Head company treated as OBU
[This is the end of the Guide.]
717 - 705 Object of this Subdivision
The object of this Subdivision is to ensure that certain rules in the Income Tax Assessment Act 1936 relating to offshore banking units interact properly with the consolidation regime in this Part.
717 - 710 Head company treated as OBU
(1) Division 9A of Part III of the Income Tax Assessment Act 1936 applies to the * head company of a * consolidated group as if the head company were an OBU (within the meaning of that Division) at a time when a * subsidiary member of the group is an OBU (within the meaning of that Division).
(2) Subsection ( 1) operates for the head company core purposes mentioned in subsection 701 - 1(2) .