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

56   At the end of section 457

Add:

(3) If:

(a) at the residence-change time, regulations made for the purposes of section 320 come into effect; and

(b) a result of those regulations coming into effect is that the company:

(i) ceases to be a resident of an unlisted country; and

(ii) becomes a resident of a listed country;

at the residence-change time;

then:

(c) if the company was a resident of that unlisted country throughout the period of 3 years ending at the residence-change time - no amount is to be included in the attributable taxpayer's assessable income under subsection (1) in relation to that change of residence; and

(d) in any other case - sub-subparagraph (a)(i)(A) of the definition of Adjusted distributable profits in subsection (2) does not apply in relation to that change of residence.