Document ID: chunk:federal_register_of_legislation:C2010C00184:clause:1_120
Version: federal_register_of_legislation:C2010C00184
Segment Type: clause
Provision Reference: sch 1 cl 120
Character Range: 83849–86225

120  Subsections 431(4), (4A), (4B) and (4C)
Repeal the subsections, substitute:

 (4) A loss for a statutory accounting period is to be taken into account under subsection (2) only if:
 (a) where the eligible CFC is a resident of a listed country at the end of the eligible period:
 (i) the eligible CFC is a resident of a listed country at the end of that statutory accounting period; and
 (ii) if there are any statutory accounting periods (the intervening periods) occurring between that statutory accounting period and the eligible period—the eligible CFC was a resident of a listed country at the end of each of the intervening periods; or
 (b) where the eligible CFC is a resident of an unlisted country at the end of the eligible period:
 (i) the eligible CFC is a resident of an unlisted country at the end of that statutory accounting period; and
 (ii) if there are any statutory accounting periods (also the intervening periods) occurring between that statutory accounting period and the eligible period—the eligible CFC was a resident of an unlisted country at the end of each of the intervening periods.

 (4A) If:
 (a) at the end of both the eligible period and of a prior statutory accounting period, the eligible CFC was a resident of the same country; and
 (b) the country was either:
 (i) a listed country at the end of the eligible period and an unlisted country at the end of that statutory accounting period; or
 (ii) an unlisted country at the end of the eligible period and a listed country at the end of that statutory accounting period;
subsection (4) does not prevent a loss for that statutory accounting period, or an earlier statutory accounting period, from being taken into account under subsection (2).

 (4B) If:
 (a) the eligible CFC is a resident of an unlisted country at the end of the eligible period; and
 (b) that country emerged from the dissolution of another country; and
 (c) the other country was in existence at the end of a prior statutory accounting period; and
 (d) at the end of that statutory accounting period, the CFC was a resident of the other country; and
 (e) the other country was a listed country at the end of that statutory accounting period;
subsection (4) does not prevent a loss for that statutory accounting period, or an earlier statutory accounting period, from being taken into account under subsection (2).