Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1991No. 100, 1991 - SECT 43

43. Section 159GZJA of the Principal Act is amended:
(a) by inserting "owing to the company" after "debenture amount";

   (b)  by adding at the end the following subsection:

"(2) For the purposes of this Division, an amount owing by a company as at a
particular time is a section 128F debenture amount owing by the company if all
of the following paragraphs apply:

   (a)  the amount is owing by the company to a foreign controller, or a
        non-resident associate of a foreign controller, of the company (which
        foreign controller or associate is in this section called the
        `debenture holder');

   (b)  the amount is owing in respect of a debenture issued by the company to
        the debenture holder not earlier than 30 days before that time;

   (c)  the debenture was issued to the debenture holder for the purpose of
        enabling the debenture holder to dispose of the debenture outside
        Australia;

   (d)  the debenture holder disposes of the debenture within 30 days after
        the issue of the debenture;

   (e)  section 128F applies, or will apply, to any interest paid by the
        company in respect of the debenture;

   (f)  no interest has become, or will become, due and payable by the company
        to the debenture holder in respect of the debenture.".