Income Tax Assessment Act 1936

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

Division 11 - Keeping of records  

SECTION 462  

462   KEEPING OF RECORDS - SECTION 456  

Subject to this Division, where:

(a) a person is an attributable taxpayer in relation to a CFC at the end of a statutory accounting period of the CFC; and

(b) the CFC has attributable income for the statutory accounting period in respect of the person;

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 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 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 at that time; and

(f) the basis of the calculation of the amount (including a nil amount) included in the assessable income of the person under section 456 in relation to the CFC's attributable income for the statutory accounting period in respect of the person.

Note:

There is an administrative penalty if you do not keep or retain records as required by this Division: see section 288-25 in Schedule 1 to the Taxation Administration Act 1953 .