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

32   Section 332

Repeal the section, substitute:

332 Companies that are residents of broad-exemption listed countries

(1) For the purposes of this Part, a company is a resident of a broad-exemption listed country at a particular time if, and only if, the company is, in accordance with subsection (2), a resident of a particular broad-exemption listed country at that time.

(2) For the purposes of this Part, a company is a resident of a particular broad-exemption listed country at a particular time if, and only if, both of the following conditions are satisfied at that time:

(a) the company is not a Part X Australian resident;

(b) the company is treated as a resident of the broad-exemption listed country for the purposes of the tax law of the broad-exemption listed country.

332A Companies that are residents of limited-exemption listed countries

(1) For the purposes of this Part, a company is a resident of a limited-exemption listed country at a particular time if, and only if, the company is, in accordance with subsection (2), a resident of a particular limited-exemption listed country at that time.

(2) For the purposes of this Part, a company is a resident of a particular limited-exemption listed country at a particular time if, and only if, all of the following conditions are satisfied at that time:

(a) the company is not a Part X Australian resident;

(b) the company is treated as a resident of the limited-exemption listed country for the purposes of the tax law of the limited-exemption listed country;

(c) the company is not treated as a resident of a broad-exemption listed country at that time for the purposes of the tax law of the broad-exemption listed country.