Income Tax Assessment Act 1936
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
in the CFC or the CFT held by the person at that time; and
(ii) the aggregate of the indirect attribution interests;
(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.
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