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 382   ATTRIBUTABLE INCOME IS TAXABLE INCOME CALCULATED ON CERTAIN ASSUMPTIONS  

382(1)   [Amount of attributable income]  

The attributable income is the amount that would be the eligible CFC's taxable income for the eligible period if certain assumptions were made.

382(2)   [Notional assessable income, notional allowable deductions, notional exempt income]  

For the purposes of describing those assumptions, amounts of assessable income, allowable deductions and exempt income that are to be taken into account in calculating the taxable income are referred to respectively as notional assessable income, notional allowable deductions and notional exempt income.