Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1936 - SECT 384

Additional assumption for unlisted country CFC

             (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.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback