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

34   After paragraph 384(2)(a)


(aa) if the eligible CFC is a resident of a limited-exemption listed country at the end of the eligible period - amounts that would be included in the notional assessable income of the eligible CFC for the eligible period under this Act as modified in accordance with Subdivisions B to E if the only income or other amounts derived during the eligible period, and any earlier statutory accounting period, by the eligible CFC were income or other amounts that:

(i) are not adjusted tainted income (within the meaning of section 386); and

(ii) are not treated as derived from sources in the limited-exemption listed country for the purposes of the tax law of the limited-exemption listed country; and

(iii) are not subject to tax in any listed country in a tax accounting period ending before the end of the eligible period or commencing during the eligible period; and