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 B - General modifications of Australian tax law  

SECTION 399   MODIFICATIONS OF NET INCOME OF PARTNERSHIPS AND TRUSTS  

399(1)    
If, in calculating the attributable income of the eligible CFC, it is necessary to determine the net income of a partnership or trust under section 90 or 95 , it is to be assumed that:

(a) the modifications of this Act in this Division (other than excluded modifications) apply to the partnership or the trust in the same way as they apply to the eligible CFC (except where a provision modified only applies to companies); and

(b) for the purpose of applying those modifications, the partnership or trust is taken to be a resident of the same listed or unlisted country as the eligible CFC; and

(c) the Income Tax Assessment Act 1997 is further modified by disregarding section 855-50 ; and

(d) for the purposes of applying Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 in accordance with the preceding paragraphs, the trust is a resident trust for CGT purposes.

399(2)    

In this section:

excluded modifications
means modifications made by sections 411 to 418 (inclusive).