Income Tax Assessment Act 1936

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

Division 11 - Keeping of records  

SECTION 464A  

464A   KEEPING OF RECORDS - SECTION 459A  

Subject to this Division, where:

(a) subsection 459A(1) applies in relation to an amount (in this section called the ``trigger amount'' ) included in the assessable income of an Australian partnership or of an Australian trust as mentioned in paragraph 459A(1)(a) ; and

(b) at the time referred to in whichever subparagraph of paragraph 459A(1)(c) is applicable, a person is an attributable taxpayer in relation to the CFC or the CFT mentioned in that paragraph;

the person must keep records (in Australia or elsewhere) containing particulars of:

(c) the acts, transactions and other circumstances that resulted in the person being an attributable taxpayer in relation to the CFC or the CFT at that time; and

(d) the basis of the calculation of:

(i) the direct attribution interest; and

(ii) the aggregate of the indirect attribution interests;

in the CFC or the CFT held by the person at that time; and

(e) the basis of the calculation of the attribution percentage of the person in relation to the CFC or the CFT at that time; and

(f) the basis of the calculation of the amount (including a nil amount) that, apart from subsection 459A(2) , would be included in the assessable income of the person under subsection 459A(1) in relation to the trigger amount.