Document ID: chunk:federal_register_of_legislation:C2010C00499:clause:10_38:p4
Version: federal_register_of_legislation:C2010C00499
Segment Type: clause
Provision Reference: sch 10 cl 38 (pt 4/5)
Character Range: 138000–140550

income year that takes place after 30 June 2004 and before the end of the time within which, if that assessment had been made on 1 July 2004, the Commissioner could amend the assessment under paragraph 170(2)(b), (c) or (d) of the Income Tax Assessment Act 1936; and
 (e) any amendment of such an assessment.

Exception

 (3) If:
 (a) apart from this subsection, subsection (1) would apply to a taxpayer in relation to a CFC for a past income year; and
 (b) before the commencement of this section, the taxpayer lodged its income tax return for the past income year; and
 (c) the taxpayer prepared the income tax return on the basis that, for the purposes of Part X of the Income Tax Assessment Act 1936, the CFC was a resident of no particular unlisted country;
then subsection (1) does not apply to the taxpayer in relation to the CFC for the past income year unless:
 (d) if there is only one past income year to which paragraphs (a) to (c) of this subsection apply—the taxpayer elects that the subsection applies for the past income year; or
 (e) if there is more than one past income year to which paragraphs (a) to (c) of this subsection apply—the taxpayer elects that the subsection applies for all of those past income years.

 (4) The taxpayer must make the election:
 (a) on or before the day on which the taxpayer lodges its income tax return for the 2003‑2004 income year; or
 (b) within a further time allowed by the Commissioner.

 (5) The election is irrevocable.

830‑20  Modifications of income tax law

 (1) This section sets out the modifications of the Income Tax Assessment Act 1936 that, if section 830‑15 of this Act so provides, apply in working out for a taxpayer:
 (a) the attributable income of a CFC for the statutory accounting period that ended in an income year; or
 (b) the notional income of a FIF for the notional accounting period that ended in an income year.

CFC—residence

 (2) If the CFC is not a resident of a particular listed country or a particular unlisted country for the purposes of Part X of the Income Tax Assessment Act 1936 (including after applying section 331 of that Act), then for the purposes of that Part, the CFC is taken to be a resident of the country under whose laws it was formed.

CFC—foreign tax paid by taxpayer

 (3) For the purpose of subsection 393(1) of the Income Tax Assessment Act 1936, if the taxpayer paid foreign tax (the actual foreign tax) on its interest in an amount included in the notional assessable income of the CFC for the statutory accounting period, then the