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
47 After subsection 421(1)
(1A) For the purposes of applying subsection (1) to an eligible CFC in relation to an eligible period, if:
(a) an entity (the designated entity ) is the only attributable taxpayer in relation to the eligible CFC at the end of the eligible period; and
(b) the designated entity's attribution percentage in relation to the company is 100% at the end of the eligible period;
then, instead of the election being given by the eligible CFC, or by the eligible CFC and another entity (which other entity may be the designated entity), the election may be given by:
(c) the designated entity; or
(d) if the designated entity is not the same as the other entity - the designated entity and the other entity;
as the case requires.
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