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INCOME TAX ASSESSMENT ACT 1936 - SECT 442 Assumption of rights of lender under a loan

INCOME TAX ASSESSMENT ACT 1936 - SECT 442

Assumption of rights of lender under a loan

    In determining whether a company passes the active income test, if the company assumes the rights of a lender under a loan, this Part   has effect, after that assumption, as if:

  (a)   the company had provided the loan to the borrower; and

  (b)   in a case where that assumption was made in the course of carrying on a particular business--interest, or a payment in the nature of interest, derived by the company from the loan had been derived from a loan made in the course of carrying on that business.

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