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The ATO advises that s 160ZZZA of ITAA1936 enables the Australian branch of a foreign bank or foreign financial entity to claim a deduction on the notional interest payment arising from an intra-bank loan. The amount of the deduction is limited to the interest amount calculated by reference to the London Interbank Offered Rate (LIBOR).

AUD LIBOR is no longer quoted as of 31 May 2013. As a result, a proxy rate has been produced for the operation of s 160ZZZA in relation to Australian dollar notional intra-bank loans. The proxy is based on the best bid and best offer for Australian Financial Markets Association (AFMA) Prime Bank Eligible Securities calculated as per the rules in section 11.1 of the BBSW Benchmark Rate General Conventions.

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