New International Tax Arrangements (Foreign-owned Branches and Other Measures) Act 2005 (64 of 2005)

Schedule 2   Amendments relating to CFCs

Income Tax Assessment Act 1936

8   Subsection 457(2) (subparagraph (b)(i) of the definition of Adjusted distributable profits )

After "(excluding any non-portfolio dividends)", insert "derived during the period beginning on the first day of the statutory accounting period in which the residence-change time occurred and ending immediately before the time at which the residence-change time occurs".