Income Tax Assessment Act 1936
PART X
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ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES
Division 7
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Calculation of attributable income of CFC
Subdivision B
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General modifications of Australian tax law
SECTION 396
MODIFIED APPLICATION OF SECTIONS 25A AND 52
396(1)
For the purpose of applying this Act and the Income Tax Assessment Act 1997 in calculating the attributable income of an eligible CFC, sections 25A and 52 of this Act and sections 15-15 and 25-40 of the Income Tax Assessment Act 1997 do not apply in respect of the disposal of a non-taxable Australian asset of the eligible CFC.
396(2)
A reference in subsection (1) to a non-taxable Australian asset is a reference to a CGT asset other than one that is taxable Australian property.
396(3)
The residency assumption is to be ignored in determining whether an asset is a taxable Australian asset for the purposes of this section.
View history note
Hide history noteFor the purpose of applying this Act and the Income Tax Assessment Act 1997 in calculating the attributable income of an eligible CFC, sections 25A and 52 of this Act and sections 15-15 and 25-40 of the Income Tax Assessment Act 1997 do not apply in respect of the disposal of a non-taxable Australian asset of the eligible CFC.
396(2)
A reference in subsection (1) to a non-taxable Australian asset is a reference to a CGT asset other than one that is taxable Australian property.
396(3)
The residency assumption is to be ignored in determining whether an asset is a taxable Australian asset for the purposes of this section.