Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1993No. 18, 1993 - SECT 33

33. Section 402 of the Principal Act is amended by adding at the end the
following subsection:

"(4) If:

   (a)  a FIF attribution account entity makes a FIF attribution account
        payment to the eligible CFC in the eligible period; and

   (b)  apart from this subsection, the whole or part of the FIF attribution
        account payment would be included in the notional assessable income of
        the eligible CFC in relation to the eligible taxpayer for the eligible
        period; and

   (c)  on the making of the FIF attribution account payment, a FIF
        attribution debit arises for the FIF attribution account entity in
        relation to the eligible taxpayer; so much (if any) of the whole or
        the part of the FIF attribution account payment as does not exceed the
        grossed-up amount of the FIF attribution debit is notional exempt
        income of the eligible CFC for the eligible period.".