Income Tax Assessment Act 1936

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

Division 11 - Keeping of records  

SECTION 462A  

462A   KEEPING OF RECORDS - SECTION 457  

Subject to this Division, where:

(a) subsection 457(1) applies to a change of residence of a CFC; and

(b) at the residence-change time referred to in that subsection, a person is an attributable taxpayer in relation to the CFC;

the person must keep records (in Australia or elsewhere) containing particulars of:

(c) the acts, transactions and other circumstances that resulted in the person being an attributable taxpayer in relation to the CFC at that time; and

(d) the basis of the calculation of:

(i) the direct attribution interest; and

(ii) the aggregate of the indirect attribution interests;

in the CFC held by the person at that time; and

(e) the basis of the calculation of the attribution percentage of the person in relation to the CFC at that time; and

(f) the basis of the calculation of the amount (including a nil amount) included in the assessable income of the person under section 457 in relation to the change of residence concerned.