Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 775.115

Economic set-off to be treated as legal set-off

                   If the economic effect of an * arrangement is to provide for the set-off, in whole or in part, of one or more amounts against one or more other amounts, this Subdivision applies as if:

                     (a)  the parties to the arrangement had the respective rights and obligations that they would have had if the provision for economic set-off were structured as a provision for legal set-off of rights and obligations; and

                     (b)  if the economic set-off happens--the parties were taken, under section 775-110, to have paid and received the respective amounts that they would have paid and received if the economic set-off were structured as a legal set-off of rights and obligations.



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