Document ID: chunk:federal_register_of_legislation:C2010C00499:clause:10_38:p3
Version: federal_register_of_legislation:C2010C00499
Segment Type: clause
Provision Reference: sch 10 cl 38 (pt 3/5)
Character Range: 135637–138223

830 of the Income Tax Assessment Act 1997 applies for the purpose of working out the attributable income of the CFC, in relation to the attributable taxpayer, for the preceding statutory accounting period.

 (3) An attributable taxpayer must make an election under this section:
 (a) on or before the day on which it lodges its income tax return for the 2003‑2004 income year; or
 (b) within a further time allowed by the Commissioner.

 (4) The election is irrevocable.

830‑15  Modified version of income tax law to apply for certain past income years

Basic rule

 (1) Subject to subsection (3), if:
 (a) an income year (the past income year) of a taxpayer started before:
 (i) if section 830‑5 of this Act does not apply to the taxpayer—the 2003‑2004 income year; or
 (ii) if that section applies to the taxpayer—the 2002‑2003 income year; and
 (b) either:
 (i) a statutory accounting period of a CFC, in relation to which the taxpayer was an attributable taxpayer at the end of that period and had an attribution percentage greater than nil, ended in the past income year; or
 (ii) the taxpayer had an interest in a FIF at the end of the past income year; and
 (c) the CFC or FIF would have been a foreign hybrid in relation to the past income year under:
 (i) section 830‑10 of the Income Tax Assessment Act 1997 (disregarding paragraph (1)(e) of that section); or
 (ii) section 830‑15 of that Act (disregarding paragraph (1)(d) and subsection (3) of that section);
  if that section had been in force in the past income year;
then, for the purposes mentioned in subsection (2) of this section, the Income Tax Assessment Act 1936 applies with the modifications set out in section 830‑20 of this Act in working out:
 (d) the attributable income of the CFC for the statutory accounting period that ended in the past income year; or
 (e) the notional income of the FIF for the notional accounting period that ends in the past income year.

Purposes

 (2) The purposes are:
 (a) any amendment of an assessment of the taxpayer for the past income year made before the commencement of this section; and
 (b) the making of an assessment of the taxpayer for the past income year between the commencement of this section and the end of 30 June 2004; and
 (c) any amendment of such an assessment; and
 (d) the making of any assessment of the taxpayer for the past income year that takes place after 30 June 2004 and before the end of the time within which, if that assessment had been made on 1 July 2004, the Commissioner could amend the assessment under paragraph 170(2)(b), (c) or (d)