Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of applying this Act in calculating the attributable income of the eligible CFC, Subdivision 126 - B of the Income Tax Assessment Act 1997 has effect as if the table in subsection 126 - 50(5) of that Act were omitted and the following table were substituted:
Additional requirements | |||
Item | The originating CFC's residency status | This requirement must be satisfied | |
1 | A resident of a listed country at the time of the trigger event | Either: (a) a resident of that listed country at that time; or (b) an Australian resident at that time | It does not matter what the roll - over asset is |
2 | A resident of a listed country at the time of the trigger event | A resident of a particular unlisted country at that time | The asset must have been used (just before that time) in connection with a permanent establishment of the originating CFC in any unlisted country at or through which the originating CFC carried on business just before that time |
3 | A resident of an unlisted country at the time of the trigger event | Either: (a) a resident of an unlisted country at that time; or (b) an Australian resident at that time | It does not matter what the roll - over asset is |
(2) The residency assumption is ignored for the purpose of applying the table in subsection (1).