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

46   Paragraphs 421(1)(c) and (d)

Repeal the paragraphs, substitute:

(c) if there is only one attributable taxpayer in relation to the eligible CFC at the end of the eligible period - on or before the date of lodgment of the taxpayer's return of income of the year of income in which the end of the eligible period occurs; or

(d) if there are 2 or more attributable taxpayers in relation to the eligible CFC at the end of the eligible period:

(i) if the taxpayers' returns of income of the year of income in which the end of the eligible period occurs are lodged on different dates - on or before the later or latest of those dates; or

(ii) if the taxpayers' returns of income of the year of income in which the end of the eligible period occurs are lodged on the same date - on or before that date; or

(e) in any case - within such further period as the Commissioner allows.