INCOME TAX ASSESSMENT ACT 1936

PART X - ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES  

Division 7 - Calculation of attributable income of CFC  

Subdivision B - General modifications of Australian tax law  

SECTION 404   APPLICATION OF SUBDIVISION 768-A OF THE INCOME TAX ASSESSMENT ACT 1997  

404(1)  
For the purpose of applying Subdivision 768-A of the Income Tax Assessment Act 1997 (about returns on foreign investment) in calculating the attributable income of the eligible CFC, disregard section 389A of this Act (which is about disregarding Division 974 of the Income Tax Assessment Act 1997 and certain other provisions).

404(2)  


For the purpose of applying this Act in calculating the attributable income of the eligible CFC, disregard paragraph 768-5(1)(d) of the Income Tax Assessment Act 1997 if:


(a) the eligible CFC receives, either directly or indirectly through one or more interposed trusts or partnerships, a foreign equity distribution (within the meaning of the Income Tax Assessment Act 1997 ) from a company; and


(b) at the time the distribution is made, both the eligible CFC and the company are residents of the same listed country or unlisted country.


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