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INCOME TAX ASSESSMENT ACT 1936 - SECT 419 Modified application of Subdivision 126-B of the

INCOME TAX ASSESSMENT ACT 1936 - SECT 419

Modified application of Subdivision 126-B of the

  (1)   For the purposes of applying this Act in calculating the attributable income of the eligible CFC, Subdivision   126 - B of the Income Tax Assessment Act 1997 has effect as if the table in subsection   126 - 50(5) of that Act were omitted and the following table were substituted:

 

Additional requirements

Item

The originating CFC's residency status

The recipient company's residency status

This requirement must be satisfied

1

A resident of a listed country at the time of the trigger event

Either:

(a) a resident of that listed country at that time; or

(b) an Australian resident at that time

It does not matter what the roll - over asset is

2

A resident of a listed country at the time of the trigger event

A resident of a particular unlisted country at that time

The asset must have been used (just before that time) in connection with a permanent establishment of the originating CFC in any unlisted country at or through which the originating CFC carried on business just before that time

3

A resident of an unlisted country at the time of the trigger event

Either:

(a) a resident of an unlisted country at that time; or

(b) an Australian resident at that time

It does not matter what the roll - over asset is

  (2)   The residency assumption is ignored for the purpose of applying the table in subsection   (1).

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