Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1936 - SECT 462A

Keeping of records--section 457

                   Subject to this Division, where:

                     (a)  subsection 457(1) applies to a change of residence of a CFC; and

                     (b)  at the residence-change time referred to in that subsection, a person is an attributable taxpayer in relation to the CFC;

the person must keep records (in Australia or elsewhere) containing particulars of:

                     (c)  the acts, transactions and other circumstances that resulted in the person being an attributable taxpayer in relation to the CFC at that time; and

                     (d)  the basis of the calculation of:

                              (i)  the direct attribution interest; and

                             (ii)  the aggregate of the indirect attribution interests;

                            in the CFC held by the person at that time; and

                     (e)  the basis of the calculation of the attribution percentage of the person in relation to the CFC at that time; and

                      (f)  the basis of the calculation of the amount (including a nil amount) included in the assessable income of the person under section 457 in relation to the change of residence concerned.



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