Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to a * CFC that stops at a time (the residence change time ) being a resident of a * listed country or an * unlisted country and becomes an Australian resident.
(2) Section 855 - 45 does not apply to the * CFC.
(3) The modifications of Parts 3 - 1 and 3 - 3 of this Act in sections 411 to 414 of the Income Tax Assessment Act 1936 have the effect they would have, in relation to each * commencing day asset owned by the * CFC at the residence change time, if those modifications were used to work out the taxable income of the CFC rather than its * attributable income.
(4) However, if a * capital gain on a * commencing day asset of the * CFC (for a period before the residence change time) was * subject to foreign tax in a * listed country, the modifications of Parts 3 - 1 and 3 - 3 of this Act in sections 411 to 414 of the Income Tax Assessment Act 1936 have the effect they would have in relation to the asset if:
(a) those modifications were used to work out the taxable income of the CFC rather than its * attributable income; and
(b) the * commencing day of the CFC were the residence change time.
Note: This section is disregarded in calculating the attributable income of a CFC: see section 410 of the Income Tax Assessment Act 1936 .
Table of Subdivisions
880 - A Basic concepts
880 - B Basic tax treatment of sovereign entities
880 - C Sovereign immunity
880 - D Consular activities