Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 506

             (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 to have been principally engaged in carrying on life insurance business at the time ( the test time ) applicable under subsection (2).

             (2)  The test time is:

                     (a)  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

                     (b)  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.