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INCOME TAX ASSESSMENT ACT 1936

PART X - ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES    View history reference

History

Pt X inserted by No 5 of 1991.

Division 7 - Calculation of attributable income of CFC    View history reference

Subdivision A - Basic principles    View history reference

SECTION 384  ADDITIONAL ASSUMPTION FOR UNLISTED COUNTRY CFC  

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384(1)  [Notional exempt income]  

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Where the eligible CFC is a resident of an unlisted country at the end of the eligible period, it is to be assumed:


(a) that the only amounts of notional assessable income are those to which subsection (2) applies; and


(b) that all other income is notional exempt income.

History

S 384(1) amended by No 96 of 2004 and No 155 of 1997.

384(2)  [Notional assessable income]  


The amounts of notional assessable income are:


(a) where the eligible CFC does not pass the active income test for the eligible period in relation to the eligible taxpayer - amounts that would be included in its notional assessable income for the eligible period under this Act as modified in accordance with Subdivisions B to E if the only income or other amounts derived by it during the eligible period, and any earlier statutory accounting period, were adjusted tainted income (within the meaning of section 386); and
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(aa) (Repealed by No 96 of 2004)
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(b) amounts included in the notional assessable income of the eligible CFC for the eligible period under section 102AAZD of this Act as modified in accordance with Subdivisions B to E; and
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(c) amounts included in the notional assessable income of the eligible CFC for the eligible period under Division 6 of Part III of this Act as so modified; and


(ca) (Repealed by No 114 of 2010)
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(d) amounts that would be included in the notional assessable income of the eligible CFC for the eligible period under Division 5 of Part III of this Act, as modified in accordance with Subdivisions B to E of this Division, in relation to any partnership if its net income included only:

(i) where the eligible CFC does not pass the active income test for the eligible period in relation to the eligible taxpayer - amounts that would be included if the partnership derived only adjusted tainted income (within the meaning of section 386); and

(ia) (Repealed by No 96 of 2004)

(ii) amounts included under section 102AAZD of this Act as modified in accordance with Subdivisions B to E of this Division; and

(iii) amounts included under Division 6 of Part III of this Act as so modified.

(iv) (Repealed by No 114 of 2010)
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(e) (Repealed by No 64 of 2005)
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History

S 384(2) amended by No 114 of 2010, s 3 and Sch 1 items 24 to 26, by repealng para (ca), substituting "." for "; and" in para (d)(iii) and repealing para (d)(iv), applicable in relation to statutory accounting periods ending in the 2010-11 year of income and later years of income. Paras (ca) and (d)(iv) formerly read:


(ca) amounts included in the notional assessable income of the eligible CFC for the eligible period under Part XI as so modified; and

(iv) amounts included under Part XI as so modified.

S 384(2) amended by No 64 of 2005 and No 96 of 2004 (as amended by No 64 of 2005).

S 384 amended by No 155 of 1997, No 190 of 1992 and inserted by No 5 of 1991.


 



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