• Specific Year
    Any

INCOME TAX ASSESSMENT ACT 1997 - SECT 855.55 CFC becomes an Australian resident

INCOME TAX ASSESSMENT ACT 1997 - SECT 855.55

CFC becomes an Australian resident

  (1)   This section applies to a * CFC that stops at a time (the residence change time ) being a resident of a * listed country or an * unlisted country and becomes an Australian resident.

  (2)   Section   855 - 45 does not apply to the * CFC.

  (3)   The modifications of Parts   3 - 1 and 3 - 3 of this Act in sections   411 to 414 of the Income Tax Assessment Act 1936 have the effect they would have, in relation to each * commencing day asset owned by the * CFC at the residence change time, if those modifications were used to work out the taxable income of the CFC rather than its * attributable income.

  (4)   However, if a * capital gain on a * commencing day asset of the * CFC (for a period before the residence change time) was * subject to foreign tax in a * listed country, the modifications of Parts   3 - 1 and 3 - 3 of this Act in sections   411 to 414 of the Income Tax Assessment Act 1936 have the effect they would have in relation to the asset if:

  (a)   those modifications were used to work out the taxable income of the CFC rather than its * attributable income; and

  (b)   the * commencing day of the CFC were the residence change time.

Note:   This section is disregarded in calculating the attributable income of a CFC: see section   410 of the Income Tax Assessment Act 1936 .

Table of Subdivisions

880 - A   Basic concepts

880 - B   Basic tax treatment of sovereign entities

880 - C   Sovereign immunity

880 - D   Consular activities

Download

No downloadable files available