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

25   At the end of section 319


(7) For the purposes of applying this section to a company, if:

(a) the company is a CFC at a particular time; and

(b) an entity is the only attributable taxpayer in relation to the company at that time; and

(c) the entity's attribution percentage in relation to the company is 100% at that time;

then, instead of a notice being given under subsection (2) by the company at that time, the notice may be given at that time by the entity.

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