INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

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

Division 10 - Post-attribution asset disposals  

SECTION 461   REDUCTION OF DISPOSAL CONSIDERATION WHERE ATTRIBUTED INCOME NOT DISTRIBUTED  

461(2)   [Reference to disposal of an asset]  

For the purposes of this section, where the provision referred to in paragraph (1)(a) is in Part IIIA , references in this section to the disposal of an asset are references to the disposal of an asset within the meaning of that Part.

461(3)    

(c)


(ii) if subparagraph (i) does not apply - only a proportion of each surplus (after any application of paragraph (a)) is to be taken into account under paragraph (1)(c), being the proportion calculated using the formula:


Consideration
Total surplus


where:
  • Consideration means the amount of the consideration or the capital proceeds;
  • Total surplus means the sum of the attribution surpluses (after any application of paragraph (a)).

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