Document ID: chunk:federal_register_of_legislation:C2025C00014:section:438:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 438 (pt 2/3)
Character Range: 2051970–2054537

active income test in relation to the statutory accounting period concerned; and
 (b) those Parts were being applied to calculate the attributable income of the company for the statutory accounting period in relation to any taxpayer.
 (3A) For the purposes of applying Parts 3‑1 and 3‑3 of the Income Tax Assessment Act 1997 in relation to a statutory accounting period as mentioned in paragraph (3)(b), any election or choice that may be made by the company, or by the company and another entity, apart from this section under any of the CGT roll‑over provisions:
 (a) on or before the date of lodgment of a particular return of income; or
 (b) within such period as the Commissioner allows;
is to be made instead:
 (c) if there is only one attributable taxpayer in relation to the company at the end of the statutory accounting period—on or before the date of lodgment of the taxpayer's return of income of the year of income in which the end of the statutory accounting period occurs; or
 (d) if there are 2 or more attributable taxpayers in relation to the company at the end of the statutory accounting period:
 (i) if the taxpayers' returns of income of the year of income in which the end of the statutory accounting period occurs are lodged on different dates—on or before the later or latest of those dates; or
 (ii) if the taxpayers' returns of income of the year of income in which the end of the statutory accounting period occurs are lodged on the same date—on or before that date; or
 (e) in any case—within such further period as the Commissioner allows.
 (3B) For the purposes of applying subsection (3A) to a company in relation to a statutory accounting period, if:
 (a) the company is a CFC at the end of the statutory accounting period; and
 (b) an entity (the designated entity) is the only attributable taxpayer in relation to the company at the end of the statutory accounting period; and
 (c) the designated entity's attribution percentage in relation to the company is 100% at the end of the statutory accounting period;
then, instead of the election being given or the choice being made by the company, or by the company and another entity (which other entity may be the designated entity), the election may be given or the choice may be made by:
 (d) the designated entity; or
 (e) if the designated entity is not the same as the other entity—the designated entity and the other entity;
as the case requires.
 (4) A reference in this section to a non‑taxable Australian asset of a company is a reference to an asset of the company that is a