This Draft TD, issued on Wed 19.12.2012, states that subs 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 Draft says the SPE will not satisfy subs 820-39(3).
DATE OF EFFECT: When the final Determination is issued, it is proposed to apply both before and after its date of issue.
COMMENTS are due by 13 February 2013. ATO contact: Peter Bou-Samra – Tel: (02) 9374 8349; Fax: (02) 9374 8200; Email: Peter.Bou-Samra@ato.gov.au.
[LTN 246, 19/12]