Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The operative provision does not apply to a taxpayer in relation to a foreign company in respect of a notional accounting period of the foreign company if the foreign company is taken by one of the methods referred to in section 498 to have been principally engaged in eligible activities at the time ( the test time ) applicable under subsection (2).
(2) The test time is:
(a) if the taxpayer uses the stock exchange listing method referred to in section 499--the end of the notional accounting period; or
(b) if the taxpayer uses the balance‑sheet method referred to in section 500:
(i) if the notional accounting period is a period in respect of which the accounts of the company are made out--the end of that period; or
(ii) if the notional accounting period is the taxpayer's year of income--the end of the last period in respect of which the accounts of the company were made out that ended before the end of that year of income.