Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Act 2013 (101 of 2013)

Schedule 2   Modernisation of transfer pricing rules

Part 2   Other amendments

Income Tax Assessment Act 1936

19   Subsection 434(3)

Repeal the subsection, substitute:

(3) If:

(a) arm's length conditions are taken by Subdivision 815-B of the Income Tax Assessment Act 1997 to operate for purposes relating to the company; and

(b) had those conditions operated, an amount described in any of the paragraphs of subsection (1) as being an amount shown in the recognised accounts of the company for the statutory account period would have been different;

then the different amount is substituted for the amount shown in the recognised accounts.