Document ID: chunk:federal_register_of_legislation:C2025C00014:section:399a:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 399A (pt 2/2)
Character Range: 1995370–1996572

of the debt is to be disregarded, other than for the purposes of paragraph (2)(e); and
 (b) if, on the assumption in paragraph (2)(c), income would be derived by the eligible CFC during a period before the first statutory accounting period of the eligible CFC beginning on or after 1 July 1990, then, in spite of anything in that paragraph, that income is taken not to be included in the notional assessable income of the eligible CFC for any statutory accounting period; and
 (c) it is to be assumed that, for any statutory accounting period for which there is no requirement to calculate the attributable income of the eligible CFC in relation to the eligible taxpayer, there is such a requirement.
 (4) Where a part of a debt is written off as bad, the preceding provisions of this section apply as if the part were an entire debt that is written off as bad.
 (5) This section has the same effect in relation to an allowable deduction under section 63E in respect of the whole or part of a debt that is extinguished as it has in relation to an allowable deduction under section 8‑1 or 25‑35  of the Income Tax Assessment Act 1997 in respect of the whole or part of a debt that is written off as bad.