Taxation Laws Amendment (Foreign Income Measures) Act 1997 (155 of 1997)

Schedule 1   Foreign source income

Part 1   General amendments

Income Tax Assessment Act 1936

24   After subsection 319(4)


(4A) Subject to subsection (5), if:

(a) the election is made in the company's statutory accounting period in which the company first became a CFC; and

(b) the new day occurs after the election is made but before the old day;

then, subject to any further application of subsection (2):

(c) that statutory accounting period finishes at the end of the new day; and

(d) later statutory accounting periods are the successive periods of 12 months finishing at the end of the new day.

Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).