Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 464A

    Subject to this Division, where:

  (a)   subsection   459A(1) applies in relation to an amount (in this section called the trigger amount ) included in the assessable income of an Australian partnership or of an Australian trust as mentioned in paragraph   459A(1)(a); and

  (b)   at the time referred to in whichever subparagraph of paragraph   459A(1)(c) is applicable, a person is an attributable taxpayer in relation to the CFC or the CFT mentioned in that paragraph;

the person must keep records (in Australia or elsewhere) containing particulars of:

  (c)   the acts, transactions and other circumstances that resulted in the person being an attributable taxpayer in relation to the CFC or the CFT at that time; and

  (d)   the basis of the calculation of:

  (i)   the direct attribution interest; and

  (ii)   the aggregate of the indirect attribution interests;

    in the CFC or the CFT held by the person at that time; and

  (e)   the basis of the calculation of the attribution percentage of the person in relation to the CFC or the CFT at that time; and

  (f)   the basis of the calculation of the amount (including a nil amount) that, apart from subsection   459A(2), would be included in the assessable income of the person under subsection   459A(1) in relation to the trigger amount.