Income Tax Assessment Act 1936
For the purposes of applying this Act in calculating the attributable income of the eligible CFC, the eligible CFC's commencing day is the later of:
(a) the last day of the most recent period during which there was not an attributable taxpayer with an attribution percentage (greater than nil) in relation to the eligible CFC; and
(b) 30 June 1990.
If a taxpayer became an attributable taxpayer with an attribution percentage (greater than nil) in relation to the eligible CFC at 3pm on 20 October 2004 and there were no other such attributable taxpayers at that time, the commencing day is 20 October 2004.
For the purposes of applying this Act in calculating the attributable income of the eligible CFC, a commencing day asset of the eligible CFC is a CGT asset (other than one that is taxable Australian property) owned by the eligible CFC at the end of its commencing day.
In determining whether a CGT asset is taxable Australian property, disregard the residency assumption.
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