Income tax: Offshore banking units - if an OBU sells down or disposes of its interest in a loan which originally qualified as an OB activity, does any fee receivable constitute assessable OB income?
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Yes. Subsection 121EE(2) of the ITAA defines assessable OB income as: (a) income derived from OB activities, or (b) income which is included in assessable income because of such activities.