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

54   After subsection 438(3A)

Insert:

(3B) For the purposes of applying subsection (3A) to a company in relation to a statutory accounting period, if:

(a) the company is a CFC at the end of the statutory accounting period; and

(b) an entity (the designated entity ) is the only attributable taxpayer in relation to the company at the end of the statutory accounting period; and

(c) the designated entity's attribution percentage in relation to the company is 100% at the end of the statutory accounting period;

then, instead of the election being given by the company, or by the company and another entity (which other entity may be the designated entity), the election may be given by:

(d) the designated entity; or

(e) if the designated entity is not the same as the other entity - the designated entity and the other entity;

as the case requires.


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