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

Schedule 1   Foreign source income

Part 1   General amendments

Income Tax Assessment Act 1936

24   After subsection 319(4)


(4A) Subject to subsection (5), if:

(a) the election is made in the company's statutory accounting period in which the company first became a CFC; and

(b) the new day occurs after the election is made but before the old day;

then, subject to any further application of subsection (2):

(c) that statutory accounting period finishes at the end of the new day; and

(d) later statutory accounting periods are the successive periods of 12 months finishing at the end of the new day.