Taxation Laws Amendment (Foreign Income Measures) Act 1997 (155 of 1997)

Schedule 1   Foreign source income

Part 5   Application and transitional

126   Application of amendments - Part X of the Income Tax Assessment Act 1936

 

(1) The amendments of Part X of the Income Tax Assessment Act 1936 made by this Schedule, in so far as they are relevant to the calculation of the attributable income of a CFC, apply in relation to the calculation of attributable income for eligible periods beginning on or after 1 July 1997.

      

(2) The amendments of section 377 of the Income Tax Assessment Act 1936 made by this Schedule apply in relation to an accounting period that began on or after 1 July 1997.

      

(3) The amendments of Division 1 of Part X of the Income Tax Assessment Act 1936 made by this Schedule, in so far as they are relevant to sections 377 and 378 of that Act, apply in relation to an accounting period that began on or after 1 July 1997.

      

(4) The amendments of Division 1 of Part X of the Income Tax Assessment Act 1936 made by this Part, in so far as they are relevant to section 380 of that Act, apply to dividends paid on or after 1 July 1997.

      

(5) The amendments of Part X of the Income Tax Assessment Act 1936 made by this Schedule, in so far as they are relevant to determining whether a company passes the active income test in relation to a statutory accounting period, apply in relation to statutory accounting periods beginning on or after 1 July 1997.

      

(6) The amendments of Division 1 of Part X of the Income Tax Assessment Act 1936 made by this Schedule, in so far as they are relevant to subsection 456(2) of that Act, apply in relation to a change of residence that occurs on or after 1 July 1997.

      

(7) The amendments of section 456A of the Income Tax Assessment Act 1936 made by this Schedule apply in relation to a statutory accounting period beginning on or after 1 July 1997.

      

(8) The amendments of Division 1 of Part X of the Income Tax Assessment Act 1936 made by this Schedule, in so far as they are relevant to section 456A of that Act, apply in relation to a statutory accounting period beginning on or after 1 July 1997.

      

(9) The amendment of section 457 of the Income Tax Assessment Act 1936 made by this Schedule applies in relation to a residence-change time that occurs on or after 1 July 1997.

      

(10) The amendments of Division 1 of Part X of the Income Tax Assessment Act 1936 made by this Schedule, in so far as they are relevant to section 457 of that Act, apply in relation to a residence-change time that occurs on or after 1 July 1997.

      

(11) The amendments of Division 1 of Part X of the Income Tax Assessment Act 1936 made by this Schedule, in so far as they are relevant to sections 458 and 459 of that Act, apply in relation to dividends paid on or after 1 July 1997.