INCOME TAX ASSESSMENT ACT 1936 - SECT 462A Keeping of records--section 457

INCOME TAX ASSESSMENT ACT 1936 - SECT 462A

    Subject to this Division, where:

  (a)   subsection   457(1) applies to a change of residence of a CFC; and

  (b)   at the residence - change time referred to in that subsection, a person is an attributable taxpayer in relation to the CFC;

the person must keep records (in Australia or elsewhere) containing particulars of:

  (c)   the acts, transactions and other circumstances that resulted in the person being an attributable taxpayer in relation to the CFC at that time; and

  (d)   the basis of the calculation of:

  (i)   the direct attribution interest; and

  (ii)   the aggregate of the indirect attribution interests;

    in the CFC held by the person at that time; and

  (e)   the basis of the calculation of the attribution percentage of the person in relation to the CFC at that time; and

  (f)   the basis of the calculation of the amount (including a nil amount) included in the assessable income of the person under section   457 in relation to the change of residence concerned.