Income Tax Assessment Act 1936

PART X - ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES  

View history reference

 View history note

 Hide history note

History

Pt X inserted by No 5 of 1991.

Division 7 - Calculation of attributable income of CFC  

View history reference

Subdivision B - General modifications of Australian tax law  

View history reference

SECTION 396   MODIFIED APPLICATION OF SECTIONS 25A AND 52  

View history reference

396(1)    

View history reference

For the purpose of applying this Act and the Income Tax Assessment Act 1997 in calculating the attributable income of an eligible CFC, sections 25A and 52 of this Act and sections 15-15 and 25-40 of the Income Tax Assessment Act 1997 do not apply in respect of the disposal of a non-taxable Australian asset of the eligible CFC.

 View history note

 Hide history note

History

S 396(1) amended by No 121 of 1997.

396(2)    

View history reference

A reference in subsection (1) to a non-taxable Australian asset is a reference to a CGT asset other than one that is taxable Australian property.

 View history note

 Hide history note

History

S 396(2) amended by No 168 of 2006 , s 3 and Sch 4 item 18, by substituting " is taxable Australian property " for " has the necessary connection with Australia (within the meaning of the Income Tax Assessment Act 1997 ) " , applicable to CGT events that happen on or after 12 December 2006.

 View history note

 Hide history note

History

Archived:

S396(2) substituted by No 101 of 2006 , s 3 and Sch 2 item 458, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .

396(3)    

View history reference

The residency assumption is to be ignored in determining whether an asset is a taxable Australian asset for the purposes of this section.

 View history note

 Hide history note

History

S 396(3) amended by by No 168 of 2006 , s 3 and Sch 4 item 15, by omitting " and in deciding whether a CGT asset has the necessary connection with Australia, disregard the residency assumption in applying category 8 or 9 of the table in section 136-25 of the Income Tax Assessment Act 1997 " from the end, applicable to CGT events that happen on or after 12 December 2006.

S 396(3) amended by No 89 of 2000 and No 46 of 1998.

S 396 inserted by No 5 of 1991.

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.