INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
PART X
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ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES
Division 7
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Calculation of attributable income of CFC
Subdivision B
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General modifications of Australian tax law
SECTION 396
MODIFIED APPLICATION OF SECTIONS 25A AND 52
396(2)
[References to non-taxable Australian asset]
(a) an asset other than a taxable Australian asset (within the meaning of Part IIIA of this Act); or
(b) a CGT asset other than one that has the necessary connection with Australia (within the meaning of the Income Tax Assessment Act 1997 ).
CCH Note:
Below is material repealed as inoperative in s 396 by No 101 of 2006.
A reference in subsection (1) to a non-taxable Australian asset is a reference to:
(a) an asset other than a taxable Australian asset (within the meaning of Part IIIA of this Act); or
(b) a CGT asset other than one that has the necessary connection with Australia (within the meaning of the Income Tax Assessment Act 1997 ).
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