Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:2_446
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 2 cl 446
Character Range: 853161–853837

446  Subsection 406(2)
Repeal the subsection, substitute:

 (2) For the purposes of applying this Act in calculating the attributable income of the eligible CFC, a commencing day asset of the eligible CFC is a CGT asset (other than one having the necessary connection with Australia) owned by the eligible CFC at the end of its commencing day.

 (3) In deciding whether a CGT asset has the necessary connection with Australia, disregard the residency assumption in applying category 8 of the table in section 136‑25 of the Income Tax Assessment Act 1997.

Note: The heading to section 406 is replaced by the heading "Meaning of commencing day and commencing day asset".