Section 121E — Income Tax Assessment Act 1936: Meaning of offshore person

A reference to an offshore person, in relation to the doing of any thing by an OBU (the first OBU), is a reference to: (a) a non-resident whose involvement in the doing of the thing does not occur in carrying on business in Australia at or through a permanent establishment of that person; or (b) a resident whose involvement in the doing of the thing occurs in carrying on business in a country outside Australia at or through a permanent establishment of the person; or (c) another OBU (the second OBU), where, if the doing of the thing involves the payment of any money (for example a loan of money) by the second OBU to the first OBU, the second OBU gives, at or before the time of the payment, a statement in writing to the first OBU to the effect that none of the money is non-OB money of the second OBU.