Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:1_1
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 1 cl 1
Character Range: 5394–6409

1  Section 317 (definition of designated concession income)
Repeal the definition, substitute:

designated concession income, in relation to a broad‑exemption listed country, means:
 (a) income or profits of a kind specified in the regulations if:
 (i) foreign tax imposed by a tax law of the country is not payable in respect of the income or profits because of a particular feature; or
 (ii) foreign tax imposed by a tax law of the country is payable in respect of the income or profits but there is a feature in relation to that tax;
  and the feature is of a kind specified in the regulations; or
 (b) capital gains that would accrue because of section 160ZZOA, if the assumptions in paragraphs 383(a) to (c) applied.

Note 1: Section 160ZZOA is about companies ceasing to be related after a roll‑over.

Note 2: Basically, the effect of those assumptions is that the company concerned is taken to be a taxpayer and a resident and may therefore be taken to have disposed of an asset because of section 160ZZOA.