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

41   At the end of subsection 385(2)

Add:

(e) in a case where:

(i) paragraph 457(3)(d) applies, or has at any time applied, to the eligible CFC in relation to a particular change of residence; and

(ii) the eligible CFC subsequently disposes of an asset that it has held since the residence-change time concerned; and

(iii) the disposal takes place during the eligible period;

the amount included in the notional assessable income of the eligible CFC for the eligible period in respect of the disposal under this Act as modified in accordance with Subdivisions B to E.