Income Tax Assessment Act 1936
(a) the company was in existence at the end of the statutory accounting period; and
(b) there was no time during the statutory accounting period when the company was in existence when the company was neither a resident of a particular listed country nor of a particular unlisted country; and
(c) the company has kept accounts for the statutory accounting period and:
(i) the accounts are prepared in accordance with commercially accepted accounting principles; and
(ii) the accounts give a true and fair view of the financial position of the company; and
(d) the company has complied with the substantiation requirements set out in section 451 in relation to the statutory accounting period; and
(e) at all times during the statutory accounting period when the company was in existence and was a resident of a particular listed country, or of a particular unlisted country, the company carried on business in that country at or through a permanent establishment of the company in that country; and
(f) the tainted income ratio of the company for the statutory accounting period is less than 0.05.
(Repealed by No 41 of 2005) 432(3) [Dormant companies]
For the purposes of this section, if a company was dormant, within the meaning of Part VI of the Companies Act 1981 , throughout a particular period (in this subsection called the dormant period ) commencing on the day on which the company was incorporated, the company is to be taken not to have been in existence during the dormant period.