Income Tax Assessment Act 1936

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

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Pt X inserted by No 5 of 1991.

Division 7 - Calculation of attributable income of CFC  

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Subdivision C - Modifications relating to Australian capital gains tax  

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SECTION 406   MEANING OF COMMENCING DAY AND COMMENCING DAY ASSET  

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406(1)    

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For the purposes of applying this Act in calculating the attributable income of the eligible CFC, the eligible CFC's commencing day is the later of:

(a) the last day of the most recent period during which there was not an attributable taxpayer with an attribution percentage (greater than nil) in relation to the eligible CFC; and

(b) 30 June 1990.

Example:

If a taxpayer became an attributable taxpayer with an attribution percentage (greater than nil) in relation to the eligible CFC at 3pm on 20 October 2004 and there were no other such attributable taxpayers at that time, the commencing day is 20 October 2004.

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S 406(1) substituted by No 64 of 2005.

406(2)    

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For the purposes of applying this Act in calculating the attributable income of the eligible CFC, a commencing day asset of the eligible CFC is a CGT asset (other than one that is taxable Australian property) owned by the eligible CFC at the end of its commencing day.

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S 406(2) amended by No 168 of 2006 , s 3 and Sch 4 item 21, by substituting " that is taxable Australian property " for " having the necessary connection with Australia " , applicable to CGT events that happen on or after 12 December 2006.

S 406(2) substituted by No 46 of 1998.

406(3)    

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In determining whether a CGT asset is taxable Australian property, disregard the residency assumption.

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S 406(3) substituted by No 168 of 2006 , s 3 and Sch 4 item 22, applicable to CGT events that happen on or after 12 December 2006. S 406(3) formerly read:

406(3)
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 .

S 406(3) amended by No 89 of 2000.

S 406 amended by No 46 of 1998, substituted by No 170 of 1995 and inserted by No 5 of 1991.

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Archived:

S 407 repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 174, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .

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