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Australia Extends Consultation for Draft Ruling on Thin Capitalisation Arm's Length Debt Test — Orbitax Tax News & Alerts

The Australian Taxation Office (ATO) has extended the deadline for submitting comments to 2 August 2019 for draft Taxation Ruling (TR) 2019/D2 on the thin capitalisation arm's length debt test. TR 2019/D2 deals with the application of the arm's length debt test contained in the thin capitalisation rules in Division 820 of the Income Tax Assessment Act 1997, including interpretative guidance on key technical issues that may arise in determining an entity's arm's length debt amount, as well as interpretative guidance on the record-keeping requirements.