New International Tax Arrangements (Foreign-owned Branches and Other Measures) Act 2005 (64 of 2005)

Schedule 2   Amendments relating to CFCs

Income Tax Assessment Act 1936

9   Subsection 457(3)

Omit all the words after paragraph (b), substitute:

then no amount is to be included in the attributable taxpayer's assessable income under subsection (1) in relation to that change of residence.