Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 464A

                   Subject to this Division, where:

                     (a)  subsection 459A(1) applies in relation to an amount (in this section called the trigger amount ) included in the assessable income of an Australian partnership or of an Australian trust as mentioned in paragraph 459A(1)(a); and

                     (b)  at the time referred to in whichever subparagraph of paragraph 459A(1)(c) is applicable, a person is an attributable taxpayer in relation to the CFC or the CFT mentioned in that paragraph;

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 or the CFT 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 or the CFT 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 or the CFT at that time; and

                      (f)  the basis of the calculation of the amount (including a nil amount) that, apart from subsection 459A(2), would be included in the assessable income of the person under subsection 459A(1) in relation to the trigger amount.