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An
OBU is an entity which intermediates
in financial transactions
between non-resident borrowers
and lenders.
Income derived by an offshore
banking unit from certain
offshore banking activities
is taxed at an effective rate
of 10% (at the time of writing).
The normal company rate of
30% applies to capital gains
and other income. Furthermore,
the offshore banking unit
is exempt from interest withholding
tax in relation to certain
offshore borrowings.
An
offshore banking activity
must satisfy four conditions:
the activity undertaken
by the OBU must be one of
the eight defined types
of activity;
the
other party to the transaction
must generally be an 'offshore
person';
the activity must be undertaken
by an entity declared to
be an OBU (ie business units
of Australian offshore financial
intermediaries located in
Australia);
and
the OBU must be a resident
of Australia or carrying
on business in Australia
at or through a permanent
establishment.
The eight types of offshore
banking activity are: borrowing
or lending activity; guarantee-type
activity; trading activity;
eligible contract activity;
investment activity; advisory
activity; hedging activity;
and any other activity declared
in regulations (none have
been declared to date).
Before the passage of the
Taxation Laws Amendment Act
(No. 2) 1999, entities eligible
to apply to become OBUs were
banks, fully owned subsidiary
companies of such banks and
other financial institutions
authorised to deal in foreign
exchange.
The range of entities eligible
to apply to be OBUs was subsequently
extended to funds managers,
life insurance companies falling
within the Life Insurance
Act 1995, and certain other
companies operating in the
financial sector determined
by the Treasurer (including
providers of custodial services).
The Act also extended the
range of eligible activities
to include:
custodial services;
trading in Australian dollars
where the other party to
the transaction is an offshore
person;
trading in gold bullion
with offshore persons in
any currency;
trading in gold bullion
with any person other than
in Australian dollars;
trading in base metals and
palladium with offshore
persons in any currency;
other trading activities
(apart from currency trading)
in Australian dollars with
offshore persons;
eligible contract activities
in Australian dollars with
offshore persons;
and
hedging in Australian dollars
with related offshore persons.
An
'offshore person' is a non-resident
entity excluding its Australian
operations, the overseas branch
of a resident entity or another
OBU.
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