Tax Laws Amendment (Foreign Source Income Deferral) Act (No. 1) 2010 (114 of 2010)

Schedule 1   Repeal of the FIF and deemed present entitlement rules

Part 1   Main amendments

Income Tax Assessment Act 1997

48   Subsection 116-10(7) (note 1)

Repeal the note, substitute:

Note 1: Also, these provisions of the Income Tax Assessment Act 1936 modify capital proceeds:

(a) section 23B (undistributed FIF attribution income on disposal of an interest in a FIF);

(b) sections 159GZZZF and 159GZZZG (cancellation of shares in a holding company);

(c) sections 159GZZZQ and 159GZZZS (buy-backs of shares);

(d) sections 401, 422, 423 and 461 (CFCs).