Document ID: chunk:federal_register_of_legislation:C2025C00014:section:448:p3
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 448 (pt 3/3)
Character Range: 2080151–2081852

or instruction;
the tainted services income of the company does not include income from the provision of those services.
 (5) The tainted services income of a company of a statutory accounting period does not include the passive income of the company of the statutory accounting period.
 (6) The tainted services income of a company of a statutory accounting period does not include income where:
 (a) the income is not passive income of the company of the statutory accounting period; and
 (b) the income is covered by any of the following subparagraphs:
 (i) income derived by the company by way of rent in respect of a lease of land;
 (ii) royalties derived by the company;
 (iii) income derived from carrying on a business of trading in assets;
 (iv) gains that accrued to the company in the statutory accounting period in respect of the disposal of assets;
 (v) gains that accrued to the company in the statutory accounting period from disposing of commodity investments;
 (vi) currency exchange gains that accrued to the company in the statutory accounting period;
 (vii) in the case of a life assurance company—an amount that, apart from subsection 446(2), would be passive income of the company of the statutory accounting period;
 (viii) in the case of a general insurance company—the amount that, apart from subsection 446(4), would be passive income of the company of the statutory accounting period.
 (7) If, apart from this subsection, services are provided to 2 or more entities acting jointly, this section is to be applied successively as if each such entity were the sole recipient.

Subdivision F—Special rules relating to AFI subsidiaries carrying on financial intermediary business