Taxation Laws Amendment (Foreign Income Measures) Act 1997 (155 of 1997)
Schedule 1 Foreign source income
Part 1 General amendments
Income Tax Assessment Act 1936
25 At the end of section 319
Add:
(7) For the purposes of applying this section to a company, if:
(a) the company is a CFC at a particular time; and
(b) an entity is the only attributable taxpayer in relation to the company at that time; and
(c) the entity's attribution percentage in relation to the company is 100% at that time;
then, instead of a notice being given under subsection (2) by the company at that time, the notice may be given at that time by the entity.