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19 Jul 12 Non-share equity interest issued at or through a PE - TD 2012/19

On 18 July 2012, the ATO issued Taxation Determination TD 2012/19 entitled "Income tax: when is a non-share equity interest 'issued at or through a permanent establishment' for the purposes of s 215-10(1)(c) of ITAA 1997?"

It was previously released in draft form as TD 2009/D2.

The ATO says that a  non-share equity interest will be taken to have been 'issued at or through a permanent establishment' for the purposes of s 215-10(1)(c) of ITAA 1997 where all the following are satisfied:

  • the non-share equity interest must be offered to investors in the course of the business conducted by an ADI at or through the permanent establishment in a listed country; and
  • the non-share equity interest must be allocated to the investor by personnel conducting the business of the permanent establishment; and
  • the transaction documents are executed at the permanent establishment; and
  • the transaction documents provide that the non-share equity interest is transferred to the investor at the permanent establishment and consequently the non-share equity interest is transferred at the permanent establishment; and
  • at the time of transfer, the personnel conducting the business at the permanent establishment relinquishes all control over the non-share equity interest.

 


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