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 384   ADDITIONAL ASSUMPTION FOR UNLISTED COUNTRY CFC  

384(1)   [Notional exempt income]  

Where the eligible CFC is a resident of an unlisted country at the end of the eligible period, it is to be assumed:

(a) that the only amounts of notional assessable income are those to which subsection (2) applies; and

(b) that all other income is notional exempt income.

384(2)   [Notional assessable income]  

The amounts of notional assessable income are:

(a) where the eligible CFC does not pass the active income test for the eligible period in relation to the eligible taxpayer - amounts that would be included in its notional assessable income for the eligible period under this Act as modified in accordance with Subdivisions B to E if the only income or other amounts derived by it during the eligible period, and any earlier statutory accounting period, were adjusted tainted income (within the meaning of section 386 ); and

(aa) (Repealed by No 96 of 2004)

(b) amounts included in the notional assessable income of the eligible CFC for the eligible period under section 102AAZD of this Act as modified in accordance with Subdivisions B to E; and

(c) amounts included in the notional assessable income of the eligible CFC for the eligible period under Division 6 of Part III of this Act as so modified; and

(ca) (Repealed by No 114 of 2010)

(d) amounts that would be included in the notional assessable income of the eligible CFC for the eligible period under Division 5 of Part III of this Act, as modified in accordance with Subdivisions B to E of this Division, in relation to any partnership if its net income included only:

(i) where the eligible CFC does not pass the active income test for the eligible period in relation to the eligible taxpayer - amounts that would be included if the partnership derived only adjusted tainted income (within the meaning of section 386 ); and

(ia) (Repealed by No 96 of 2004)

(ii) amounts included under section 102AAZD of this Act as modified in accordance with Subdivisions B to E of this Division; and

(iii) amounts included under Division 6 of Part III of this Act as so modified.

(iv) (Repealed by No 114 of 2010)

(e) (Repealed by No 64 of 2005)