Document ID: chunk:federal_register_of_legislation:C2025C00014:section:319:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 319 (pt 2/2)
Character Range: 1861083–1862163

subject to any further application of subsection (2):
 (i) the first statutory accounting period of the company is the period beginning at the time of incorporation or establishment and ending at the end of the new day; and
 (ii) later statutory accounting periods are the successive periods of 12 months finishing at the end of the new day.
 (6) If:
 (a) the company is a CFC at the beginning of what is, disregarding this subsection, a statutory accounting period; and
 (b) the company ceases to exist before the end of the statutory accounting period;
the statutory accounting period ends immediately before the company ceases to exist.
 (7) For the purposes of applying this section to a company, if:
 (a) the company is a CFC at a particular time; and
 (b) an entity is the only attributable taxpayer in relation to the company at that time; and
 (c) the entity's attribution percentage in relation to the company is 100% at that time;
then, instead of a notice being given under subsection (2) by the company at that time, the notice may be given at that time by the entity.