Income Tax Assessment Act 1936

PART X - ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES  

Division 7 - Calculation of attributable income of CFC  

Subdivision C - Modifications relating to Australian capital gains tax  

SECTION 411   COMMENCING DAY ASSETS TAKEN TO HAVE BEEN ACQUIRED ON COMMENCING DAY  

411(1)   [Application of Act to calculation]  

Subject to this section, 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 taken to have been acquired, for the purposes of Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 (about CGT), by it on its commencing day.

411(2)  
(Repealed by No 46 of 1998)

411(3)   [Determination of cost base]  

Subsection (1) does not apply for the purposes of determining the cost base to the eligible CFC of an asset.


 

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