Taxation Laws Amendment Act (No. 1) 2004 (101 of 2004)
Schedule 7 Imputation for life insurance companies
Income Tax Assessment Act 1997
3 Subsection 205-25(1)
Repeal the subsection, substitute:
(1) An entity satisfies the residency requirement for an income year in which, or in relation to which, an event specified in a relevant table occurs if:
(a) the entity is a *company, or a *corporate limited partnership, to which at least one of the following subparagraphs applies:
(i) the entity is an *Australian resident for more than one half of the 12 months immediately preceding the event if the event occurs before the end of the income year;
(ii) the entity is an Australian resident at all times during the income year when the entity exists if the event occurs at or after the end of the income year;
(iii) the entity is an Australian resident for more than one half of the income year (whether or not the event occurs before the end of the income year); or
(b) the entity is a *corporate unit trust for the income year; or
(c) the entity is a *public trading trust for the income year.
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