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Australia: Approved form for thin capitalisation test choice

The Australian Taxation Office released its approved form that certain taxpayers may use to make a thin capitalisation test choice for an income year.

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September 25, 2024

The Australian Taxation Office (ATO) released its approved form that certain taxpayers may use to make a thin capitalisation test choice for an income year.

A taxpayer may use the form if it is a general class investor, outward investing financial entity (non-authorised deposit-taking institution (ADI)) or inward investing financial entity (non-ADI) for the income year and does not meet the requirements in section 820-37 of the Income Tax Assessment Act 1997 (the 90% Australian asset threshold exemption) for the income year.

In addition, outward investing financial entities (non-ADI) and inward investing financial entities (non-ADI) may only make a thin capitalisation test choice to apply the third-party debt test.

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