Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 4) 1990 No. 4 of 1991 - SECT 13

13. After section 159GZJ of the Principal Act the following sections are
inserted: Section 128F debenture amount

"159GZJA. For the purposes of this Division, an amount owing to a company as
at a particular time is a section 128F debenture amount if all of the
following paragraphs apply:

   (a)  the amount is owing to the company by 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
        `debtor');

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

   (c)  the debenture was issued to the debtor in the debtor's capacity as a
        dealer, manager or underwriter in relation to the placement of the
        debentures concerned;

   (d)  the debtor 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. Short-term trade credit amount

"159GZJB. (1) For the purposes of this Division, an amount owing to a resident
company, to a partnership or to the trustee of a trust estate as at a
particular time is a short-term trade credit amount if, and only if, all of
the following paragraphs apply:

   (a)  the amount is owing to the company, partnership or trustee by a
        foreign controller, or a non-resident associate of a foreign
        controller, of the company, partnership or trust estate, as the case
        may be (which foreign controller or associate is in this subsection
        called the `trade debtor');

   (b)  the company, partnership or trustee carries on a business of providing
        property or services at that time;

   (c)  in the course of carrying on that business, the company, partnership
        or trustee, as the case may be:

   (i)  provides property or services to the trade debtor; and

   (ii) invoices the trade debtor for the provision of the property or
        services on terms that allow the trade debtor credit for a period not
        exceeding 30 days after the date of the invoice;

   (d)  the credit facility mentioned in subparagraph (c) (ii) is not extended
        or rolled-over.

"(2) For the purposes of this Division, an amount owing to a foreign investor
as at a particular time is a short-term trade credit amount if, and only if,
all of the following paragraphs apply:

   (a)  the amount is owing to the foreign investor by a non-resident
        associate (which non-resident associate is in this subsection called
        the `trade debtor');

   (b)  the foreign investor carries on a business of providing property or
        services at that time;

   (c)  in the course of carrying on that business, the foreign investor:

   (i)  provides property or services to the trade debtor; and

   (ii) invoices the trade debtor for the provision of the property or
        services on terms that allow the trade debtor credit for a period not
        exceeding 30 days after the date of the invoice;

   (d)  the credit facility mentioned in subparagraph (c) (ii) is not extended
        or rolled-over.

"(3) In this section: `provide' has the same meaning as in section 21A;
`services' has the same meaning as in section 21A.".