Income Tax Assessment Act 1997

Chapter 4 inserted by No 162 of 2001.

Part 4-5 inserted by No 162 of 2001.

Div 768 heading substituted by No 110 of 2014, s 3 and Sch 2 item 3, applicable to distributions and non-share dividends made after 16 October 2014. Div 768 heading formerly read:

Division 768 - Exempt foreign income and gains

Div 768 inserted by No 96 of 2004.

Subdiv 768-G heading substituted by No 168 of 2006 .

Subdiv 768-G inserted by No 96 of 2004.

S 768-533(1) and (1A) substituted for s 768-533(1) by No 114 of 2010, s 3 and Sch 1 item 62, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. S 768-533(1) formerly read:

768-533(1)
This section applies if:

(a) the foreign company is a * FIF; and

(b) the holding company has made a choice under subsection 559A(1) of the Income Tax Assessment Act 1936 in relation to the foreign company in respect of a * notional accounting period of the foreign company; and

(c) because of the choice, the foreign company is treated under paragraph 559A(3)(c) of that Act as an AFI subsidiary (within the meaning of that Act) in relation to that holding company at a particular time.

Note:

If the holding company makes a choice under subsection 559A(1) of the Income Tax Assessment Act 1936 , the notional income and notional deductions of the foreign company (in its capacity as a FIF) is worked out under the FIF calculation method by reference to its notional assessable income and notional allowable deductions under Part X of that Act.

S 768-533(1) and (1A) substituted for s 768-533(1) by No 114 of 2010, s 3 and Sch 1 item 62, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.

S 768-533 inserted by No 143 of 2007 , s 3 and Sch 1 item 4, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under Div 770 heading .