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On 20 September 2006, the ATO issued Practice Statement PS LA 2006/12 entitled "Thin Capitalisation - Australian equivalents to International Financial Reporting Standards ('AIFRS') - Transitional Provision".

The purpose of the Practice Statement is to provide guidance on certain practical issues arising where a taxpayer chooses under s 820-45 of the Income Tax (Transitional Provisions) Act 1997 to use Australian accounting standards as they existed on 31 December 2004 to calculate their thin capitalisation position.

For a copy of PS LA 2006/12, go here

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