Tax and Superannuation Laws Amendment (2014 Measures No. 4) Act 2014 (110 of 2014)

Schedule 2   Foreign dividends

Part 2   Repeal of portfolio dividend exemption for CFCs

Income Tax Assessment Act 1936

6   Section 404

Repeal the section, substitute:

404 Application of Subdivision 768-A of the Income Tax Assessment Act 1997

For the purpose of applying Subdivision 768-A of the Income Tax Assessment Act 1997 (about returns on foreign investment) in calculating the attributable income of the eligible CFC, disregard section 389A of this Act (which is about disregarding Division 974 of the Income Tax Assessment Act 1997 and certain other provisions).