Statute
Section 442 — Income Tax Assessment Act 1936: Assumption of rights of lender under a loan
Text of the provision Official document
In determining whether a company passes the active income test, if the company assumes the rights of a lender under a loan, this Part has effect, after that assumption, as if: (a) the company had provided the loan to the borrower; and (b) in a case where that assumption was made in the course of carrying on a particular business—interest, or a payment in the nature of interest, derived by the company from the loan had been derived from a loan made in the course of carrying on that business.
Official source: Federal Register of Legislation
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