New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004 (96 of 2004)
Schedule 2 Foreign branch income, non-portfolio dividends and listed countries
Part 5 Listed countries: consequential amendments
Income Tax Assessment Act 1936
123 Subsection 419(1) (table)
Repeal the table, substitute:
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Additional requirements |
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Item |
The originating CFC's residency status |
The recipient company's residency status |
This requirement must be satisfied |
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1 |
A resident of a listed country at the time of the trigger event |
Either: (a) a resident of that listed country at that time; or (b) an Australian resident at that time |
It does not matter what the roll-over asset is |
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2 |
A resident of a listed country at the time of the trigger event |
A resident of a particular unlisted country at that time |
The asset must have been used (just before that time) in connection with a permanent establishment of the originating CFC in any unlisted country at or through which the originating CFC carried on business just before that time |
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3 |
A resident of an unlisted country at the time of the trigger event |
Either: (a) a resident of an unlisted country at that time; or (b) an Australian resident at that time |
It does not matter what the roll-over asset is |