Taxation Laws Amendment Act (No. 1) 2004 (101 of 2004)

Schedule 7   Imputation for life insurance companies

Income Tax Assessment Act 1997

3   Subsection 205-25(1)

Repeal the subsection, substitute:

(1) An entity satisfies the residency requirement for an income year in which, or in relation to which, an event specified in a relevant table occurs if:

(a) the entity is a *company, or a *corporate limited partnership, to which at least one of the following subparagraphs applies:

(i) the entity is an *Australian resident for more than one half of the 12 months immediately preceding the event if the event occurs before the end of the income year;

(ii) the entity is an Australian resident at all times during the income year when the entity exists if the event occurs at or after the end of the income year;

(iii) the entity is an Australian resident for more than one half of the income year (whether or not the event occurs before the end of the income year); or

(b) the entity is a *corporate unit trust for the income year; or

(c) the entity is a *public trading trust for the income year.