Tax Laws Amendment (Foreign Source Income Deferral) Act (No. 1) 2010 (114 of 2010)

Schedule 1   Repeal of the FIF and deemed present entitlement rules

Part 1   Main amendments

Income Tax Assessment Act 1997

54   Paragraph 717-205(c)

Repeal the paragraph, substitute:

(b) the post FIF abolition surplus (if any) (within the meaning of the Income Tax Assessment Act 1936) for a FIF attribution account entity (within the meaning of former Part XI of that Act) in relation to the joining company just before the joining time.