Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (FOREIGN INCOME) ACT 1990 No. 5 of 1991 - SECT 59

59. Where, if:

   (a)  a company that is a Part X Australian resident at a particular time
        were instead a resident of a listed country at that time; and

   (b)  subsection 58 (2) read as follows:

"(2) For the purposes of paragraph (1) (c), the CFC's adjusted distributable
profits are:

   (a)  where the application of subsection (1) is the first or only
        application of the subsection in relation to the CFC and the
        attributable taxpayer - the amount that would be the CFC's
        distributable profits at the residence-change time if the CFC's
        exempting profits in relation to the attributable taxpayer were not
        taken into account; or

   (b)  in any other case - so much of the amount that would be the CFC's
        distributable profits at the residence-change time on the assumption
        in paragraph (a) as is attributable to the period since the
        residence-change time referred to in the previous application of
        subsection (1) in relation to the CFC and the attributable taxpayer.";
        there would be an adjusted profits amount in relation to the company
        included in a taxpayer's assessable income of a year of income as a
        result of the application of paragraph 58 (1) (c), then:

   (c)  that amount is included in the taxpayer's assessable income of the
        year of income; and

   (d)  paragraphs 58 (1) (d) to (g), and the amended Act as applied in
        accordance with those paragraphs, have effect in relation to the
        amount as if:

   (i)  paragraph 58 (1) (c) applied to the amount; and

   (ii) at any time when the company is a Part X Australian resident, it were
        instead a resident of a listed country.