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20 Dec 12 Thin cap: special purpose entities and securitisation activities - TD 2012/D11

On 19 December 2012, the ATO released for public consultation by 13 February 2013 draft Taxation Determination TD 2012/D11 entitled "Income tax: does s 820-39(3) of the ITAA 1997 only apply to special purpose entities that have been established for the purpose of carrying on securitisation activity?"

The answer given is as follows:

"Yes. Subsection 820-39(3) of the ITAA 1997 only applies to special purpose entities (SPEs) that have been established for the purpose of carrying on securitisation activity. If an SPE has been established for the purpose of carrying on activities that are not necessary for, or incidental to, securitisation activity, the SPE will not satisfy s 820-39(3)."

 


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