Income Tax (Consequential Amendments) Act 1997 (39 of 1997)

Schedule 1   Consequential amendments of the Income Tax Assessment Act 1936

263   Section 427

Repeal the section, substitute:

427 Certain provisions to be disregarded

For the purposes of applying this Act and the Income Tax Assessment Act 1997 in calculating the attributable income of an eligible CFC, disregard the following:

(a) paragraph 23(q) of this Act;

(b) sections 63CA, 79D and 79DA of this Act and Division 36 and Subdivisions 165-A, 170-A and 175-A of the Income Tax Assessment Act 1997 (except for the purpose of a reference to any of those provisions in any other provision of this Act, as applied in accordance with this Division);

(c) section 160AFD of this Act.