Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 121E

    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.