INCOME TAX ASSESSMENT ACT 1997 - SECT 820.933 Statement worldwide debt, statement worldwide equity and statement worldwide assets

INCOME TAX ASSESSMENT ACT 1997 - SECT 820.933

Statement worldwide debt

  (1)   An entity's statement worldwide debt for a period is the amount (see subsection   (4)) of liabilities for the entity for the period, reduced (but not below zero) by the sum of the following amounts (see subsection   (4)) for the entity for the period:

  (a)   provisions;

  (b)   liabilities in relation to distributions to equity participants;

  (c)   trade payables;

  (d)   deferred tax liabilities;

  (e)   liabilities relating to employee benefits;

  (f)   current tax liabilities;

  (g)   deferred revenue;

  (h)   liabilities relating to insurance;

  (i)   any other amount specified in a legislative instrument under subsection   (5).

Statement worldwide equity

  (2)   An entity's statement worldwide equity for a period means the amount (see subsection   (4)) of net assets for the entity for the period.

Statement worldwide assets

  (3)   An entity's statement worldwide assets for a period means the amount (see subsection   (4)) of assets for the entity for the period.

Amounts from audited consolidated financial statements to be used

  (4)   For the purposes of this section:

  (a)   an amount for an entity for a period is taken to be that amount as shown in the * audited consolidated financial statements for the entity for the period; and

  (b)   sections   820 - 680 and 820 - 682 do not apply.

Other amounts

  (5)   The Minister may, by legislative instrument, specify one or more amounts for the purposes of paragraph   (1)(i).