Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) 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.
(2) 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
(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
(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
(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
(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.