Legislation has been introduced in Parliament, suggesting amendment to the interest limitation or thin capitalization rules, which is closely align with the exposure draft legislation.
If approved, these rules will be effective for income years commencing on or after 1 July 2023. The legislation is currently under review by the Senate Economics Legislation Committee, and the committee’s report is expected to be submitted by 31 August 2023.
The consultation period for this legislation ends on 21 July 2023.
