Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p2
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 2/20)
Character Range: 6796155–6798828

Act 1936) of the foreign company for the statutory accounting period.
tainted outstanding claims means the tainted outstanding claims (within the meaning of subsection 446(4) of the Income Tax Assessment Act 1936) of the foreign company for the statutory accounting period.
total general insurance assets means the total assets (within the meaning of subsection 446(4) of the Income Tax Assessment Act 1936) of the foreign company for the statutory accounting period.

768‑533  Foreign company that is a FIF using CFC calculation method—treatment as AFI subsidiary under this Subdivision
 (1) This section applies if:
 (a) the foreign company is a FIF (within the meaning of former section 481 of the Income Tax Assessment Act 1936); and
 (b) the holding company has made a choice under former subsection 559A(1) of the Income Tax Assessment Act 1936 in relation to the foreign company in respect of a notional accounting period (within the meaning of former section 486 of that Act) of the foreign company that ends in the 2009‑10 income year; and
 (c) because of the choice, the foreign company has been treated under former paragraph 559A(3)(c) of that Act as an AFI subsidiary (within the meaning of that Act) in relation to that holding company; and
 (d) the holding company makes a choice under subsection (1A) in relation to the foreign company; and
 (e) the holding company has not failed to make a choice under that subsection for the 2010‑11 income year or any later income year.
 (1A) A holding company may make a choice under this subsection in relation to a foreign company if the holding company could have made a choice in relation to the foreign company under former section 559A of the Income Tax Assessment Act 1936 if it had not been repealed by item 37 of Schedule 1 to the Tax Laws Amendment (Foreign Source Income Deferral) Act (No. 1) 2010.
 (2) For the purposes of this Subdivision, treat the foreign company as an AFI subsidiary in relation to that holding company at that time.

768‑535  Modified rules for foreign wholly‑owned groups
 (1) This section applies if:
 (a) for the purposes of section 768‑505, it is necessary to work out the *active foreign business asset percentage of a company (the top foreign company) in relation to the holding company mentioned in that section, at the time of the CGT event mentioned in that section; and
 (b) the top foreign company is not:
 (i) an AFI subsidiary (within the meaning of Part X of the Income Tax Assessment Act 1936); or
 (ii) a *foreign life insurance company; or
 (iii) a *foreign general insurance company; and
 (c) for the purposes of section 768‑505, it is also necessary (apart from this