Income Tax Assessment Act 1936

PART X - ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES  

Division 7 - Calculation of attributable income of CFC  

Subdivision A - Basic principles  

SECTION 381  

381   SEPARATE ATTRIBUTABLE INCOME FOR EACH ATTRIBUTABLE TAXPAYER  

Where, at the end of a statutory accounting period (in this Division called the eligible period ) of a company:

(a) the company is a CFC; and

(b) there are one or more attributable taxpayers in relation to the company;

the attributable income of the company (in this Division called the eligible CFC ) for the eligible period is calculated separately for each such attributable taxpayer (in this Division called the eligible taxpayer ) in accordance with this Division.