Document ID: chunk:federal_register_of_legislation:C2025C00014:section:371:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 371 (pt 2/3)
Character Range: 1965628–1968246

to subsection (7):
 (a) the attribution credit does not arise for the partnership or trust; and
 (b) an attribution credit arises in relation to the attribution account entity for:
 (i) any taxpayer for whom, as a result of the amount being so included, a tax detriment would arise in circumstances referred to in paragraphs 460(2)(a) and (b) or paragraphs 460(3)(a) and (b); and
 (ii) any taxpayer where, as a result of the amount being so included, a tax detriment would arise for the trustee of a trust in which the taxpayer is a beneficiary, in respect of an amount assessable to the trustee under section 98 in respect of the taxpayer's share of the net income of the trust, in circumstances referred to in paragraph 460(4)(a); and
 (iii) any taxpayer in the capacity of trustee of a trust, where, as a result of the amount being so included, a tax detriment would arise for the taxpayer in respect of an amount assessable to the taxpayer under section 99 or 99A, in circumstances referred to in paragraph 460(4)(a); and
 (c) the amount of the attribution credit referred to in paragraph (b) equals the amount of the tax detriment, as reduced by any application of section 460; and
 (d) the attribution credit referred to in paragraph (b) arises at the time when the attribution credit referred to in paragraph (a) would, but for this subsection, have arisen.
 (7) Subsection (6) does not apply to an Australian trust that is, in relation to the year of income referred to in that subsection:
 (b) a public trading trust within the meaning of Division 6C of that Part; or
 (c) a complying superannuation fund, a non‑complying superannuation fund, a complying approved deposit fund, a non‑complying approved deposit fund or a pooled superannuation trust.
 (8) If:
 (a) a company ceases to be resident in an unlisted country and becomes a resident of a listed country; and
 (b) an amount (in this subsection called the section 457 amount) is included in a taxpayer's assessable income under section 457 as a result of the change of residence; and
 (c) a particular part (in this subsection called the eligible part) of the section 457 amount is attributable to a hypothetical disposal of a particular asset of the company at the residence change time; and
 (d) it might reasonably be expected that, if and when the company actually disposes of the asset, so much of the gain derived by the company on the actual disposal of the asset that accrued before the residence change time will be subject to tax in the listed country;
the taxpayer may elect to defer the timing of so much of the paragraph (1)(b) attribution