Income Tax Assessment Act 1936

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

Division 11 - Keeping of records  

SECTION 464A   464A   KEEPING OF RECORDS - SECTION 459A  


Subject to this Division, where:


(a) subsection 459A(1) applies in relation to an amount (in this section called the ``trigger amount'' ) included in the assessable income of an Australian partnership or of an Australian trust as mentioned in paragraph 459A(1)(a) ; and


(b) at the time referred to in whichever subparagraph of paragraph 459A(1)(c) is applicable, a person is an attributable taxpayer in relation to the CFC or the CFT mentioned in that paragraph;

the person must keep records (in Australia or elsewhere) containing particulars of:


(c) the acts, transactions and other circumstances that resulted in the person being an attributable taxpayer in relation to the CFC or the CFT at that time; and


(d) the basis of the calculation of:


(i) the direct attribution interest; and

(ii) the aggregate of the indirect attribution interests;
in the CFC or the CFT held by the person at that time; and


(e) the basis of the calculation of the attribution percentage of the person in relation to the CFC or the CFT at that time; and


(f) the basis of the calculation of the amount (including a nil amount) that, apart from subsection 459A(2) , would be included in the assessable income of the person under subsection 459A(1) in relation to the trigger amount.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.