Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 820.932

Worldwide debt and worldwide equity

Worldwide debt

  (1)   An entity's worldwide debt at a particular time, means the total of the following amounts:

  (a)   all the * debt interests issued by the entity:

  (i)   to entities other than any * Australian controlled foreign entities (the controlled entities ) of which the entity is an * Australian controller at that time; and

  (ii)   that are still * on issue at that time;

  (b)   all the debt interests issued by the controlled entities:

  (i)   to entities other than the entity or other controlled entities; and

  (ii)   that are still on issue at that time.

Worldwide equity

  (2)   An entity's worldwide equity at a particular time, means the total of the following amounts:

  (a)   all the * equity capital of the entity as at that time, but worked out disregarding * equity interests in the entity held at that time by * Australian controlled foreign entities (the controlled entities ) of which the entity is an * Australian controller at that time;

  (b)   all the equity capital of the controlled entities as at that time, but worked out disregarding equity interests in the controlled entities held at that time by:

  (i)   the entity; or

  (ii)   other controlled entities.



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